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Published: 15 November 2021

Growth in building costs slowed down in October

According to Statistics Finland, building costs rose by 9.4 per cent in October 2021 from one year back. Compared with the previous month, building costs grew by 0.6 per cent. The growth is now slower than in June to August when the monthly change in the building cost index was 1.6 per cent, on average.

Long term development of the Building Cost Index

The price of timber fell by 2.9 per cent from the previous month and the price of wood, which grew heavily during the year, seems to have passed its peak. However, the price level is still as much as 61.9 per cent higher than one year ago.

The costs of materials went up by 13.3 per cent and labour costs by 6.5 per cent from one year ago. The prices of services fell by 0.2 per cent from one year ago.

Labour costs went up by 0.9 per cent and the prices of materials by 0.6 per cent in a month. The prices of services fell by 0.9 per cent in a month.

Building cost index 2015=100, October 2021

Professional construction of new buildings		Weights	Index	Monthly change, %	Annual change, %
Total index		1000	113.8	0.6	9.4
By type of cost	Labour inputs	400	109.4	0.9	6.5
	Materials	510	119.1	0.6	13.3
	Services	90	103.1	-0.9	-0.2
By purpose of use	Residential building	440	114.1	0.4	9.7
	Other building construction	560	113.5	0.8	9.2

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

Publication in pdf-format (294.9 kB)

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Appendix tables

• Appendix table 1. Input indices 2015=100, October 2021 (15.11.2021)
• Appendix table 2. Residential building 2015=100, October 2021 (15.11.2021)

Figures

• Appendix figure 1. Input indices 2015=100, largest annual changes, per cent (15.11.2021)
• Appendix figure 2. Index clause sub-indices P 2000=100 (15.11.2021)

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Updated 15.11.2021