Turnover of construction grew by 10.9 per cent in December

According to Statistics Finland, working day adjusted turnover of construction enterprises grew by 10.9 per cent in December compared to the year before. The volume of sales, from which the impact of price changes has been eliminated, increased by 7.1 per cent. Seasonally adjusted turnover and sales volume in construction made a downturn in December compared to November.

Annual change in working day adjusted turnover and sales volume of construction, %

In December, turnover in construction industries grew fairly steadily. Working day adjusted turnover in building construction grew by 9.3 per cent and sales volume by 6.4 per cent compared to one year before. Working day adjusted turnover of civil engineering grew by 10.4 per cent from one year before. However, sales volume in the industry decreased by 0.2 per cent. The weaker development of sales volume compared to turnover is explained by the risen prices of civil engineering in December. The turnover of specialised construction activities grew by 13.0 per cent and sales volume by 10.0 per cent from the year before.

Annual change in working day adjusted turnover and sales volume of construction, December 2021, %

Turnover in construction decreased compared to November

Seasonally adjusted turnover in construction went down by 0.6 per cent in December compared to November. Seasonally adjusted sales volume decreased by 1.1 per cent compared to November.

Change in seasonally adjusted turnover and sales volume of construction from the previous month, %

The calculation of indices of turnover of construction is based on the Tax Administration’s data on self-assessed taxes, which are supplemented with Statistics Finland’s sales inquiry. The monthly turnover of construction enterprises can have even large variations due to invoicing practices. The final invoice for major projects may be recorded in the sales of one month, even if the project had required the work of several months or years.

The factors caused by the variation in the number of weekdays are taken into account in adjustment for working days. This means taking into consideration the lengths of months, different weekdays and holidays. In addition, seasonal variation is eliminated from seasonally adjusted series, on account of which it makes sense to compare observations of two successive months as well.

The data for the latest month are preliminary and are released at a delay of around six weeks. The data may become significantly revised particularly on more detailed industry levels in coming months.

Trends in turnover of construction by industry (TOL 2008)

Industries of enterprises have been revised in the data released in February

Starting from statistical release published in February 2022, the latest industries defined by the Business Register have been taken into use in the turnover and wage and salary indices. The industry corrections are visible as revised data in some of the published industries for the years 2020-2021. The effects of the changes are taken into consideration in statistics production so that no breaks occur in the time series of the published index series. The interpretation of the statistics also remains unchanged in the renewal. Revisions to annual changes in industries are presented under Revisions in these statistics.

Source: Index of turnover of construction, Statistics Finland

Inquiries: Toni Kellinsalmi 029 551 3801, Lauri Pullinen 029 551 3043, rakennus.suhdanne@stat.fi

Head of Department in charge: Katri Kaaja

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Appendix tables

Appendix table 1. Annual change in working day adjusted turnover and sales volume in sectors of construction, % (TOL 2008) (14.2.2022)

Revisions in these statistics

Revisions in these statistics (14.2.2022)

Updated 14.2.2022

Referencing instructions:

Official Statistics of Finland (OSF): Index of turnover of construction [e-publication].
ISSN=1798-5935. December 2021. Helsinki: Statistics Finland [referred: 25.11.2024].
Access method: http://www.stat.fi/til/rlv/2021/12/rlv_2021_12_2022-02-14_tie_001_en.html