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Latvia Construction Market Size, Trend Analysis by Sector and Forecast, 2023-2027

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  • 26 Pages
  • April 2023
  • Region: Latvia
  • GlobalData
  • ID: 5807341
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The Latvian construction industry remained weak in 2022, posting a contraction of 13.1% during the year, owing to a decline in building construction (-10.7%) and civil engineering construction (-14.3%). The publisher expects the industry to decline by 1.3% in real terms in 2023 as the industry will continue to feel the pressure from geopolitical uncertainty, high construction costs and slowing economic growth. Declining building permits in 2022 also suggests weaker levels of activity this year, with office permits down by 31.7% annually, wholesale and retail buildings by 8.3%, and residential permits by 0.3%, according to the Central Statistical Bureau (CSB). The latest data issued by the CSB also shows a decline in the value add of the construction industry by 8.3% YoY in Q4 2022, preceded by Y-o-Y declines of 13.6% in Q3 and 13.8% in Q2 2022.

The industry is expected to recover and register an annual average growth rate of 4.1% from 2024 to 2027, supported by investments in transport, electricity, and housing projects. In March 2023, Latvia's Parliament (Saeima) passed the 2023 State Budget, which includes an expenditure of EUR14.7 billion ($15 billion) and a revenue of EUR12.7 billion ($13 billion) in 2023. The budget includes an allocation of EUR740.3 million ($756 million) for improving the quality and safety of state roads and developing infrastructure for pedestrians and cyclists. The budget also allocates EUR45.1 million ($46.1 million) for the education sector and EUR161.5 million ($164.9 million) for the healthcare sector.

The report provides detailed market analysis, information, and insights into the Latvian construction industry, including:

  • The Latvian construction industry's growth prospects by market, project type and construction activity
  • Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in the Latvian construction industry
  • Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline


This report provides a comprehensive analysis of the construction industry in Latvia. It provides:

  • Historical (2018-2022) and forecast (2023-2027) valuations of the construction industry in Latvia, featuring details of key growth drivers
  • Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
  • Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline
  • Listings of major projects, in addition to details of leading contractors and consultants

Reasons to Buy

  • Identify and evaluate market opportunities using the publisher's standardized valuation and forecasting methodologies
  • Assess market growth potential at a micro-level with over 600 time-series data forecasts
  • Understand the latest industry and market trends
  • Formulate and validate strategy using the publisher's critical and actionable insight
  • Assess business risks, including cost, regulatory and competitive pressures
  • Evaluate competitive risk and success factors.

Table of Contents

1. Construction Outlook2. Construction Industry: At-a-Glance3. Latest News and Developments4. Project Analytics5. Construction Market Data6. Risk Profile
7. About the Publisher
7.1 Definitions
7.2 CRI Methodology
List of Tables
Table 1: Construction Industry Key Data
Table 2: Latvia, Top Construction Projects by Value
Table 3: Latvia, Construction Output Value (Real, $ Million)
Table 4: Latvia, Construction Output Value (Nominal, EUR Million)
Table 5: Publisher Construction Market Definitions
Table 6: Risk Dimensions
Table 7: Ratings, Scores and Definitions
List of Figures
Figure 1: Latvia, Construction Output Value (Real, $ Million, 2017 Prices and Exchange Rate), 2018-27
Figure 2: Latvia, Construction Output Value, by Sector (Real, $ Million), 2018-27
Figure 3: Eastern Europe and Central Asia, Construction Output (Real % Change), 2021-27
Figure 4: Latvia, Construction Output by Sector (Real % Change), 2021-23 and 2024-27
Figure 5: Latvia, Construction Value Add (Constant 2015 Prices, EUR Million)
Figure 6: Latvia, Volume of Construction Output, In Current Prices, % Change YoY
Figure 7: Latvia, Number of Permits Issued for Office Buildings
Figure 8: Latvia, Number of Permits Issued for Hotels, Wholesale, and Retail Buildings
Figure 9: Latvia, Non-Resident Visitor Arrivals, In Thousands
Figure 10: Latvia, Value Add of Accommodation, Food Services, Arts, Entertainment, and Recreation Activities, in Constant 2015 Prices, % Change YoY
Figure 11: Latvia, Manufacturing Value Add (Constant 2015 Prices, EUR Million)
Figure 12: Latvia, Industrial and Manufacturing Production Volume Indices, 2015=100, Seasonally-Adjusted Data, % Change YoY
Figure 13: Latvia, Total Exports, In EUR Million
Figure 14: Latvia, Volume of Construction Output of Roads and Railways (Current Prices)
Figure 15: Latvia, Volume of Construction of Utility Projects for Electricity and Telecommunications, In Current Prices
Figure 16: Latvia, Total Gross Electricity Production and Electricity Consumption, in Million Kwh
Figure 17: Latvia, Value Add of Education, Health, and Social Care Services, In Constant 2015 Prices, % Change YoY
Figure 18: Latvia, Value Add of Real Estate Activities (Constant 2015 Prices, EUR Million)
Figure 19: Latvia, Number of Permits Approved for Residential Buildings
Figure 20: Latvia, House Price Index (HPI), 2015=100
Figure 21: Latvia, Construction Cost Index for New Residential Buildings, 2015=100
Figure 22: Latvia, New Business Loans to Households for House Purchase, In EUR Million
Figure 23: Latvia, Construction Projects Pipeline, Value by Stage ($ Million)
Figure 24: Latvia, Risk Summary
Figure 25: Latvia, Risk Regional Comparison