Decline in Q1 construction production in Latvia by 5.5%
In the first quarter of 2024, the construction sector saw a mix of growth and decline across various segments.
The residential sector saw a total of 520 permits granted for the construction of one-dwelling buildings, covering a total intended area of 87 thousand m². This was accompanied by 659 permits issued for residential buildings, amounting to a total intended area of 152 thousand m².
On the other hand, the construction of buildings decreased by 22%, with 251 permits granted for non-residential buildings, totalling 198 thousand m². The number of permits for the construction of industrial buildings and warehouses, however, remained relatively stable, with 52 permits granted for a total intended area of 43 thousand m².
The non-residential sector also witnessed a decrease in the output of building completion and finishing, which dropped by 12.5%. However, there were notable increases in other areas. Specialized construction activities, for instance, rose by 3.1%, with installation of solar panels and related equipment contributing significantly to this growth. Output in electrical, plumbing, and other construction installation activities also increased by 6.3%.
In the realm of civil engineering, the picture was more complex. While the output in civil engineering increased by 19%, the output in the construction of other civil engineering projects not elsewhere classified dropped by 4%. Surprisingly, civil engineering output decreased by 15.7% in Q1 2024, while construction of utility projects increased by 35.2%.
Construction of roads and railways increased by 2.5%, but the overall construction output decreased by 2.9% in Q1 2024 compared to Q4 2023. Construction output in specialized construction activities, however, showed a positive trend, increasing by 3.1%.
It is worth noting that there are no specific publicly available data from the search results that identify which institutions or companies granted the most construction and conversion permits for industrial buildings and warehouses in Q1 2024.
In conclusion, while the construction sector experienced a general decline in Q1 2024, there were pockets of growth, particularly in specialized construction and civil engineering projects. The residential sector, despite a decrease in the construction of buildings, continued to see a steady flow of permits issued. The industry will likely continue to evolve as it navigates the challenges and opportunities presented in the coming quarters.
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