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Published: 13 August 2021

Fast rise in prices of building materials still continued in July

According to Statistics Finland, building costs rose by 5.8 per cent in July 2021 compared with the previous year's July. The costs of materials went up by 8.3 per cent and labour costs by 3.5 per cent from one year ago. The prices of services rose by 1.2 per cent.

Long term development of the Building Cost Index

The costs of building materials were raised particularly by timber, in which the rise in prices that had continued for several months accelerated in July. Month-on-month changes in the price of timber were, on average, 7.0 per cent in April to June but as much as 21.3 per cent in July. The prices of materials went up by 2.7 from the previous month.

From June to July, the total index of building costs rose by 1.5 per cent and that of services by 0.9 per cent. Labour costs remained unchanged from the previous month.

Building cost index 2015=100, July 2021

Professional construction of new buildings		Weights	Index	Monthly change, %	Annual change, %
Total index		1000	109.7	1.5	5.8
By type of cost	Labour inputs	400	105.5	0.0	3.5
	Materials	510	113.9	2.7	8.3
	Services	90	104.0	0.9	1.2
By purpose of use	Residential building	440	110.4	1.9	6.5
	Other building construction	560	109.1	1.2	5.3

Source: Building cost index, Statistics Finland

Inquiries: Liina Arhosalo 029 551 3612, Merja Järvinen 029 551 2458, info@stat.fi

Head of Department in charge: Hannele Orjala

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Appendix tables

• Appendix table 1. Input indices 2015=100, July 2021 (13.8.2021)
• Appendix table 2. Residential building 2015=100, July 2021 (13.8.2021)

Figures

• Appendix figure 1. Input indices 2015=100, largest annual changes, per cent (13.8.2021)
• Appendix figure 2. Index clause sub-indices P 2000=100 (13.8.2021)

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Updated 13.08.2021