Over the year, the level of construction costs increased by 2.3 %27.08.2024

Data of the Central Statistical Bureau show that in July 2024, compared to July 2023, the level of construction costs in Latvia increased by 2.3 %. Labour remuneration of workers increased by 6.3 %, maintenance and operational costs of machinery and equipment - by 3.2 %, while prices of building materials fell by 0.1 %.

In July 2024, compared to June, the level of construction costs rose by 0.4 %. Labour remuneration of workers rose by 0.5 %, prices of building materials went up by 0.4 %, maintenance and operational costs of machinery and equipment - by 0.2 %.

In July, the average level of construction costs was mostly affected by an increase in labour remuneration to assemblers, as well as by rise in prices of mineral materials.

Information on changes of construction costs in August 2024 will be published on 26 September.

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.

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More information on data:
Ļubova Ņemsadze
Producer Price Indices Section
E-mail: [email protected]
Phone: +371 67366783

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