Over the year level of construction costs rose by 4.1 % while over the month reduced by 0.2 %

Central Statistical Bureau data show that in June 2023, compared to June 2022, level of construction costs in Latvia increased by 4.1 %. Labour remuneration of workers rose by 6.7 %, maintenance and operational costs of machinery and equipment by 5.8 %, and prices of building materials by 2.2 %.

In June 2023, compared to May, level of construction costs reduced by 0.2 %. Prices of building materials fell by 0.4 % and maintenance and operational costs of machinery and equipment by 0.1 %, while labour remuneration of workers rose by 0.1 %.

In June, the average level of construction costs was mostly affected by the reduction in prices of asphalt concrete and crushed dolomite as well as reinforcement bars, reinforcing meshes, frames. Higher labour remuneration of asphalt pavers had upward influence.

In Q2 2023, compared to Q2 2022, level of construction costs increased by 5.6 %. Labour remuneration of workers grew by 7.8 %, maintenance and operational costs of machinery and equipment by 6.8 %, and prices of building materials by 4.1 %.

In Q2 2023, compared to Q1 2023, level of construction costs reduced by 0.1 %. Prices of building materials fell by 1.7 % while labour remuneration of workers rose by 2.4 % and maintenance and operational costs of machinery and equipment by 1.1 %.

Information on construction costs changes in July 2023 will be published on 25 August.

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 official statistics portal section 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