Tiny rise in construction costs in Latvia

Latest data of the Central Statistical Bureau (CSB) July 27 show that, compared to May, in June 2020, the level of construction costs in Latvia increased by 0.1 %. Labour remuneration of workers rose by 0.5 %, maintenance and operational costs of machinery and equipment – by 0.1 %, but prices of building materials – reduced by 0.1 %.

In June, the average level of construction costs was mostly affected by an increase in labour remuneration to assemblers, as well as carpenters and builders, electricians, painters and workers of related professions. Reduction in prices of asphalt concrete, as well as of metal structures and small metal products had decreasing impact.

Latvia construction costs June 2020

Compared to June 2019, construction costs rose by 1.0 %. Labour remuneration of workers rose by 6.6 %, maintenance and operational costs of machinery and equipment – by 0.4 %, but prices of building materials – fell by 1.2 %.

In the 2nd quarter of 2020, compared to the 1st quarter, the overall level of construction costs did not change. Labour remuneration of workers grew by 2.4 %, prices of building materials – decreased by 1.1 %, but maintenance and operational costs of machinery and equipment – fell by 0.1 %.

In the 2nd quarter of 2020, compared to the 2nd quarter of 2019, the overall level of construction costs rose by 1.4 %. Labour remuneration of workers rose by 7.2 %, maintenance and operational costs of machinery and equipment – by 0.4 %, but prices of building materials – reduced by 0.6 %.

In 2020, the data on prices of construction resources were provided by approximately 200 construction enterprises and more than 50 trade enterprises.

Seen a mistake?

Select text and press Ctrl+Enter to send a suggested correction to the editor

Select text and press Report a mistake to send a suggested correction to the editor

Economy
Economy

Please be aware that the LSM portal uses cookies. By continuing to use this site, you agree that we may store and use cookies on your device. Find out more

Accept and continue