OREANDA-NEWS. January 18, 2007. Compared to 2006, construction costs in Latvia increased on average by 26,2 percent in 2007, according to the Central Statistical Bureau.

The most rapid rise, 45,5 percent, was observed in the salary of workers. Maintenance and operational costs of machinery and equipment increased by 33,2 percent, whilst the prices of building materials rose by 12,4 percent. The most noticeable increase of construction costs was recorded in the renovation of office buildings, as well as in the reconstruction and construction of education, healthcare and sports buildings - by 35,5 percent and 32,8 percent respectively.

Costs in the construction of residential buildings increased by 26,3 percent, in the construction of transport facilities - by 24,4 percent, in the reconstruction and construction of industrial, agricultural and trade buildings - by 22,2 percent, and in the construction of underground main pipelines - by 20,6 percent.

Compared to the 3rd quarter, construction costs in the 4th quarter of 2007 increased on average by 2,9 percent. The salary of workers increased by 6,2 percent, maintenance and operational costs of machinery and equipment - by 3,4 percent, but the price of building materials did not change.

The most noticeable increase of construction costs could be observed in the renovation of office buildings - by 5,3 percent, in construction of underground main pipelines - by 4,2 percent, and in the construction of transport facilities - by 3 percent.

Costs of the reconstruction and construction of education, healthcare and sports buildings grew by 2.4 percent, of the construction of residential buildings - by 2,1 percent, and of the reconstruction and construction of industrial, agricultural and trade buildings - by 1,9 percent.

Compared to the 4th quarter of 2006, construction costs in Latvia in the 4th quarter of 2007 rose on average by 22,3 percent.

The most rapid rise (by 43,3 percent) was observed in the salary of workers. The maintenance and operational costs of machinery and equipment increased by 29,2 percent, and the prices of building materials rose by 6,6 percent.

The most noticeable increase of construction costs was recorded in the renovation of office buildings, as well as, in the reconstruction and construction of education, healthcare and sports buildings (by 33,4 percent and 28,5 percent, respectively).

Costs of the construction of the transport facilities and residential buildings increased by 21,5 percent and 21,2 percent respectively, of the construction of underground main pipelines - by 17,9 percent, and of the reconstruction and construction of industrial, agricultural and trade buildings - by 17,3 percent.