Construction costs up by 17.6% on year in Latvia

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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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