Construction costs up nearly 20% on year in Latvia

Data published on November 28 by the Central Statistical Bureau show that in October 2022, compared to October 2021, the level of construction costs in Latvia increased by 19.6%.

Prices of building materials rose by 24.7%, maintenance and operational costs of machinery and equipment – by 18.4%, but labor remuneration of workers – increased by 10.4%.

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In October 2022, compared to September, the level of construction costs rose by 0.9 %. Prices of building materials, as well as maintenance and operational costs of machinery and equipment increased by 1.0 %, but labour remuneration of workers – by 0.4 %.

In October, the average level of construction costs was mostly affected by an increase in prices of sand, ready-mixed concrete, as well as of dolomite breakstone and dry mortar mixes.

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