In February, the level of construction costs increased by 1.9%

February 2024icompared to February 2023ithe level of construction costs in Latvia increased by 1.9%, according to the data of the Central Statistical Office. Workers’ wages increased by 6.3%, the maintenance and operation costs of machines and mechanisms – by 3.6%, while the prices of building materials decreased by 0.7%.

Changes in construction costs

(in percentage compared to the corresponding month of the previous year)

2024. in February compared to January, the level of construction costs increased by 0.2%. The maintenance and operation costs of machines and mechanisms increased by 0.3%, the prices of construction materials increased by 0.2%, but the level of workers’ wages did not change.

In February, the average level of construction costs was most affected by the increase in the maintenance and operation costs of machines and mechanisms for excavators and self-loaders.

Information on changes in construction costs in March 2024 will be published on April 26.

Methodological information

The purpose of the construction cost index (BII) is to reflect the average trends in the price changes of construction resources. BII is the inputs (input) price index; it shows price changes for the main types of resources invested in construction.

In 2024, around 230 construction companies and more than 45 trade companies provide data on the prices of construction resources. Construction cost index calculations also use the prices of construction materials, which companies provide for the producer price index in industry and import price index calculations. In addition, the registered consumer prices for building materials are used in the calculations.

The sample of the price survey includes construction companies, which in 2023 had the largest amount of construction work performed by their own forces. In 94.8% of the surveyed companies, the amount of work performed by their own forces exceeded 1 million. EUR per year, of which 32.9% of companies’ work volume was over 5 million. euro per year. The selection criterion of trading companies is the size of their turnover and specialization.

More information on construction cost indices in Latvia is available in the section of the official statistics portal “Descriptive Metadata”.

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