Compared to September 2021, the level of construction costs in Latvia increased by 20.2 % in September 2022. Prices of building materials rose by 26.6 %, maintenance and operational costs of machinery and equipment – by 17.6 %, but labour remuneration of workers – increased by 9.8 %.
In September 2022, compared to August, the level of construction costs rose by 0.5 %. Maintenance and operational costs of machinery and equipment rose by 0.6 %, labour remuneration of workers – by 0.5 %, but prices of building materials increased by 0.4 %, according to data from the Central Statistical Bureau of Latvia.
In September, the average level of construction costs was mostly affected by an increase in prices of asphalt concrete and dolomite breakstone, as well as growth of maintenance and operational costs of machinery and equipment of dumpers, cranes and excavators.
In Q3 2022, compared to Q3 2021, the overall level of construction costs rose by 20.7 %.
Prices of building materials went up by 27.2 %, maintenance and operational costs of machinery and equipment – by 18.1 %, but labour remuneration of workers – increased by 10.1 %.
In Q3 2022, compared to Q2, the overall level of construction costs rose by 3.0 %. Prices of building materials grew by 3.5 %, labour remuneration of workers – by 2.5 %, but maintenance and operational costs of machinery and equipment rose by 2.4 %.