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Latvia Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis to 2030 (H1 2026)

Publisher GlobalData
Published Feb 12, 2026
Length 44 Pages
SKU # GBDT21032111

Description

Latvia Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis to 2030 (H1 2026)

Summary

The construction industry in Latvia is expected to expand in real terms by 3.9% in 2026, supported by investments in transport, housing, and energy projects. According to the Central Statistical Bureau (CSB), the volume of output for the construction of roads and railways grew by 22.9% year-on-year (YoY) in the third quarter of 2025, preceded by growths of 31.5% in Q2 and 90.9% in Q1 2025. Furthermore, in early October 2025, Saeima, parliament of the Republic of Latvia, approved the 2026 Budget, with an expenditure of EUR17.9 billion ($19.5 billion), compared to an expenditure of EUR17.1 billion ($18.7 billion) in 2025. The budget includes an allocation of EUR1.9 billion ($2.1 billion) for the Ministry of Health, EUR796.9 million ($870.2 million) for the Ministry of Transport, EUR606.7 million ($662.5 million) for the Ministry of Education and Science, and EUR85.8 million ($93.7 million) for the Ministry of Climate and Energy.

The industry is expected to register an average annual growth of 3.2% from 2027 to 2030, supported by investments in transport and renewable energy infrastructure projects.

The government aims to reduce greenhouse gas emissions by 65%, compared to 1990 levels, by 2030 and achieve climate neutrality by 2050. To support this target, Latvia plans to increase the capacity of renewable energy infrastructure across the country. Recently, in October 2025, the European Bank for Reconstruction and Development (EBRD), announced its plan to provide a EUR32 million ($34.9 million) loan for the development of 112MW Smiltene wind farm in northern Latvia. The project is part of the larger EUR92 million ($100.5 million) co-financed package with Luminor Bank, which is an Estonia based Bank, and the Nordic Investment Bank, which is a Finland based financial institution. The construction works are expected to be completed by early 2027. The investment strengthens Latvia’s energy security, advances its green transition, and aligns with its goal of 80% renewable electricity by 2030, while contributing to Baltic regional energy integration.

GlobalData’s Construction in Latvia - Country Briefing (H1 2026) 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.
Scope

This report provides a comprehensive analysis of the construction industry in Latvia. It provides -
  • Historical (2021-2025) and forecast (2026-2030) 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 our 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 business strategies using GlobalData's critical and actionable insight
  • Assess business risks, including cost, regulatory and competitive pressures
  • Evaluate competitive risk and success factors

Table of Contents

44 Pages
1 Table of Contents
1.1 List of Figures
1.2 List of Tables
2 Executive Summary
3 Construction Industry: At-a-Glance
4 Latest news and developments
5 Project analytics
6 Construction Market Data
7 Risk Profile
8 Appendix
8.1 Definitions
8.2 CRI Methodology
9 About GlobalData
10 Contact Us
1.2 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: GlobalData Construction Market Definitions
Table 6: GlobalData Construction Market Definitions
Table 7: Ratings, Scores and Definitions
1.1 List of Figures
Figure 1: Latvia, Construction Output Value (Real, $ Million, 2022 Prices and Exchange Rate), 2021–30
Figure 2: Latvia, Construction Output Value, by Sector (Real, $ Million), 2021–30
Figure 3: Eastern Europe and Central Asia, Construction Output (Real % Change), 2024–30
Figure 4: Latvia, Construction Output by Sector (Real % Change), 2024–26 and 2027–30
Figure 5: Latvia, Construction Value-add (Constant 2020 Prices, EUR Million)
Figure 6: Latvia, Volume of Construction Output, In Current Prices, % Change YoY
Figure 7: Latvia, Average Monthly Wages and Salaries of Employees in the Construction Industry (In EUR)
Figure 8: Latvia, Hourly Labor Costs in Construction, Seasonally Unadjusted Data, % Change YoY
Figure 9: Latvia, Number of Permits Issued for Office Buildings
Figure 10: Latvia, Total floor area construction started for the office building, in thousand m2
Figure 11: Latvia, Number of Permits Issued for Hotels, Wholesale, and Retail Buildings
Figure 12: Latvia, Total floor area construction started Hotels, Wholesale, and Retail Buildings, in thousand m2
Figure 13: Latvia, Non-Resident Visitor Arrivals, In Thousands
Figure 14: Latvia, Value-add of Accommodation, Food Services, Arts, Entertainment, and Recreation Activities, in Constant 2020 Prices, % Change YoY
Figure 15: Latvia, Manufacturing Value-add (Constant 2020 Prices, EUR Million)
Figure 16: Latvia, Latvia, Total Exports, In EUR Million
Figure 17: Latvia, Industrial and Manufacturing Production Volume Indices, 2021=100, Seasonally Adjusted Data, % Change YoY
Figure 18: Latvia, Volume of Construction Output of Roads and Railways (Current Prices)
Figure 19: Latvia, Construction Cost Index for The Capital Reconstruction And New Building Of Roads
Figure 20: Latvia, Volume of Construction of Utility Projects for Electricity and Telecommunications, In Current Prices
Figure 21: Latvia, Total Gross Electricity Production and Electricity Consumption, in Million Kwh
Figure 22: Latvia, Value-add of Education, Health, and Social Care Services, In Constant 2020 Prices, % Change YoY
Figure 23: Latvia, Value-add of Real Estate Activities (Constant 2020 Prices, EUR Million)
Figure 24: Latvia, Number of Permits Approved for Residential Buildings
Figure 25: Latvia, Total floor area construction started for Residential Buildings, in thousand m2
Figure 26: Latvia, New Business Loans to Households for House Purchase, In EUR Million
Figure 27: Latvia, House Price Index (HPI), 2015=100
Figure 28: Latvia, Construction Cost Index for New Residential Buildings, 2021=100
Figure 29: Latvia, Construction Projects Pipeline, Value by Stage ($ Million)
Figure 30: Latvia, Risk Summary
Figure 31: Latvia, Risk Regional Comparison

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