Over the year, the level of construction costs increased by 18.7 %
Data of the Central Statistical Bureau show that in March 2022, compared to March 2021, the level of construction costs in Latvia increased by 18.7 %. Prices of building materials rose by 25.2 %, maintenance and operational costs of machinery and equipment – by 15.3 %, but labour remuneration of workers – increased by 8.9 %.
In March 2022, compared to February, the level of construction costs rose by 3.1 %. Prices of building materials increased by 4.5 %, maintenance and operational costs of machinery and equipment – by 2.5 %, but labour remuneration of workers – rose by 0.8 %.
In March, the average level of construction costs was mostly affected by an increase in prices of metal and metal products, as well as of sand and asphalt concrete.
In the 1st quarter of 2022, compared to the 1st quarter of 2021, the overall level of construction costs rose by 16.6 %. Prices of building materials went up by 23.0 %, maintenance and operational costs of machinery and equipment – by 12.8 %, but labour remuneration of workers – increased by 7.4 %.
In the 1st quarter of 2022, compared to the 4th quarter of 2021, the overall level of construction costs rose by 5.4 %. Prices of building materials increased by 6.9 %, maintenance and operational costs of machinery and equipment – by 5.9 %, but labour remuneration of workers – rose by 2.1 %.
Information on changes of construction costs in April 2022 will be published on 27 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 2022, 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 2021. The share of enterprises with the value of own account construction work exceeding EUR 1 million per year accounted for 88.2 %, in 34.1 % 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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