OREANDA-NEWS. On April 18, 2008 compared to the first quarter of 2007, construction costs in Latvia in the first quarter of 2008 rose on average by 20,7 percent, according to data from the Central Statistical Bureau.

The most rapid rise (by 41,3 percent) was observed in the cost of wages for construction workers.

Maintenance and operational costs of machinery and equipment increased by 23,9 percent, whilst the price of building materials rose by 3,1 percent.

Compared to the fourth quarter of 2007, construction costs in the first quarter of this year increased on average by 5,1 percent. There was a 6,4 percent increase in the cost of wages for construction workers, a 2,9 percent increase in the maintenance and operational costs of machinery and equipment, and 1,6 percent increase in the price of building materials.

Due to the high increase in the cost of salaries for workers, the most notable increase of construction costs was in the renovation of office buildings - by 31,8 percent when compared to the 1st quarter of 2007, and by 5,3 percent when compared to the previous quarter. The lowest increase of construction costs, in turn, was recorded in the building of hotels - by 14 percent and by 2,4 percent, respectively.