In March this year, compared to March 2023, the level of construction costs in Latvia increased by 1.9%, according to the data of the Central Statistics Office (CSB)..
Workers’ wages increased by 6.8%, the maintenance and operation costs of machines and mechanisms – by 3.5%, while the prices of construction materials decreased by 0.9%.
In March 2024, compared to February, the level of construction costs increased by 0.1%. Workers’ wages increased by 0.7%, the maintenance and operation costs of machines and mechanisms – by 0.1%, while the prices of construction materials decreased by 0.3%.
In March, the average level of construction costs was most affected by the increase in wages for finishing construction workers (roofers, plasterers, sanitary technicians and others), as well as electricians.
CSB reports that in the 1st quarter of 2024, compared to the 1st quarter of 2023, the level of construction costs increased by 1.8%. Workers’ wages increased by 6.6%, the maintenance and operation costs of machines and mechanisms – by 3.6%, while the prices of construction materials decreased by 1.0%.
In the 1st quarter of 2024, compared to the 4th quarter of 2023, the level of construction costs increased by 1.0%. Workers’ wages increased by 1.4%, the maintenance and operation costs of machines and mechanisms, as well as the prices of construction materials, increased by 0.9%.
In 2024, about 230 construction companies and more than 45 trade companies provide data on the prices of construction resources.
The sample of the price survey includes construction companies that had the largest amount of construction work performed by their own forces in 2023, including 94.8% of the surveyed companies, the amount of work performed by their own forces exceeded one million euros per year, of which 32.9% of the companies’ work amount was over five million euro per year.
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