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Official Statistics Portal of Latvia
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Over the year, the level of construction costs increased by 10.9 %

Data of the Central Statistical Bureau show that in March 2023, compared to March 2022, the level of construction costs in Latvia increased by 10.9 %. Prices of building materials rose by 12.2 %, maintenance and operational costs of machinery and equipment – by 10.0 %, but labour remuneration of workers – increased by 9.1 %.

In March 2023, compared to February, the level of construction costs rose by 0.1 %. Labour remuneration of workers as well as maintenance and operational costs of machinery and equipment rose by 0.2 %, but prices of building materials remained the same.

In March, the average level of construction costs was mostly affected by the increase in labour remuneration to assemblers, pavers, electricians, as well as growth of maintenance and operational costs of machinery and equipment of trucks and semi-trailers.

In Q1 2023, compared to Q1 2022, the level of construction costs rose by 14.2 %. Prices of building materials went up by 17.0 %, maintenance and operational costs of machinery and equipment – by 12.8 %, but labour remuneration of workers – increased by 9.8 %.

In Q1 2023, compared to Q4 2022, the level of construction costs rose by 0.8 %. Labour remuneration of workers increased by 1.6 %, maintenance and operational costs of machinery and equipment – by 1.3 %, but prices of building materials – rose by 0.3 %.

Information on changes of construction costs in April 2023 will be published on 29 May.

Methodological information

The Construction Cost Index (CCI) aims to reflect average trends in the prices of construction resources. The CCI is input price index it presents price changes for the main types of resources invested in the construction.

 

In 2023, the data on prices of construction resources are provided by approximately 200 construction enterprises and more than 50 trade enterprises. When calculating the Construction Cost Index, the prices of building materials submitted by enterprises for the calculation of producer price indices in industry and import price index are also used. Additionally, registered consumer prices of building materials are used in calculations.

 

The sample includes construction enterprises with the highest value of own account construction works in 2022. The share of enterprises with the value of own account construction work exceeding EUR 1 million per year accounted for 91.5 %, in 31.8 % of which the value of own account construction work exceeded EUR 5 million per year. The criterion for the sample of trade enterprises is their turnover and specialisation.

 

More information on construction cost indices in Latvia is available in section of official statistics portal "Reference metadata".

Media requests:
Communication Section
E-mail: media@csp.gov.lv
Phone: +371 27880666

More information on data:
Ļubova Ņemsadze
Producer Price Indices Section
E-mail: Lubova.Nemsadze@csp.gov.lv
Phone: +371 67366783

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