Over the year, the level of construction costs increased by 2.3 %

Data of the Central Statistical Bureau show that in May 2024, compared to May 2023, the level of construction costs in Latvia increased by 2.3 %. Labour remuneration of workers increased by 6.1 %, maintenance and operational costs of machinery and equipment – by 3.2 %, but level of prices of building materials remained the same.

In May 2024, compared to April, the level of construction costs rose by 0.1 %. Labour remuneration of workers increased by 0.8 %, maintenance and operational costs of machinery and equipment – by 0.4 %, while prices of building materials fell by 0.4 %.

In May, the average level of construction costs was mostly affected by an increase in labour remuneration to auxiliary workers of road building and assemblers.

Information on changes of construction costs in June 2024 will be published on 25 July.

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 2024, the data on prices of construction resources are provided by approximately 230 construction enterprises and more than 45 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 2023. The share of enterprises with the value of own account construction work exceeding EUR 1 million per year accounted for 94.8 %, in 32.9 % 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 the 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