Construction costs up by 17.6% on year in Latvia

Take note – story published 1 year ago

Data publushed on February 27 by the Central Statistical Bureau show that in January 2023, compared to January 2022, the level of construction costs in Latvia increased by 17.6 %.

Prices of building materials rose by 21.8 %, maintenance and operational costs of machinery and equipment – by 16.1 %, but labor remuneration of workers – by 10.5 %.

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In January 2023, compared to December 2022, the level of construction costs rose by 0.5 %. Maintenance and operational costs of machinery and equipment increased by 0.8 %, labour remuneration of workers – by 0.6 %, but prices of building materials rose by 0.3 %.

In January, the average level of construction costs was mostly affected by growth of maintenance and operational costs of machinery and equipment of trucks, semi-trailers and excavators.

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