Latvian construction costs up 4.1% in 2019.
RIGA, Jan 28 (LETA) - In 2019, Latvian construction costs climbed 4.1 percent against 2018, the data of the Central Statistical Bureau shows.
Compared to 2018, builders' wages grew 7.6 percent last year, prices of construction materials rose 3.4 percent and maintenance and operational costs of machinery and equipment increased 2.7 percent.
In the fourth quarter of 2019, the overall level of construction costs rose 3.2 percent against the same period in 2018. Builders' wages grew 7.7 percent, prices of construction materials rose 2.2 percent and maintenance and operational costs of machinery and equipment increased 1.7 percent.
Compared the third quarter of 2019, construction costs moved up 0.6 percent as builders' wages grew 2.5 percent, while prices of construction materials and maintenance and operational costs of machinery and equipment increased 0.1 percent in the fourth quarter of last year.
In December 2019, Latvian construction costs rose 2.8 percent against the same period in 2018. Builders' wages jumped 8.6 percent, maintenance and operational costs of machinery and equipment increased 1.7 percent and prices of construction materials went up 1.1 percent on year.
Compared to November 2019, the level of construction costs in Latvia grew by 0.4 percent. Labor remuneration of workers grew by 1.2 percent, prices of building materials by 0.3 percent, and maintenance and operational costs of machinery and equipment by 0.1 percent.
In December, the average level of construction costs was mostly affected by an increase in the wages of workers carrying out finishing works (roofers, plasterers, sanitary technicians and others), as well as to concrete workers and workers of related professions, as well as to electricians, the CSB said.
In 2019, 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.
The sample includes construction enterprises with the highest value of own account construction works in 2018. The share of enterprises with the value of own account construction work exceeding EUR 1 million per year accounted for 87 percent, in 36 percent 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 specialization.
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|Date:||Jan 28, 2020|
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