Building costs stay soft

  • 2010-08-04
  • From wire reports

RIGA - In the second quarter of this year, construction costs in Latvia decreased by 3.2 percent when compared to the second quarter of 2009, according to data from the Central Statistical Bureau, reports Nozare.lv. For the second quarter, the maintenance and operational costs of machinery and equipment fell by 7.1 percent, with prices of building materials down by 2.2 percent. The salaries of workers rose by 0.3 percent.

The reduction of costs in the construction of transport facilities and underground main pipelines had the greatest lowering impact on the overall level of construction costs.
Compared to May, construction costs in June decreased on average by 1.1 percent, according to the CSB. The maintenance and operational costs of machinery and equipment fell by 1.6 percent, the prices of building materials fell by 1.4 percent, and salaries for workers were off by 0.1 percent.

Compared to June 2009, construction costs in June 2010 dropped on average by 2.6 percent. The most notable reduction among main resource groups was in the maintenance and operational costs of machinery and equipment, down by 7.9 percent, and prices of building materials fell by 1.9 percent. Under the influence of several companies specialized in the construction of civil engineering structures, salaries for workers rose by 3.1 percent.