Home > Statistics > Building cost index > 2021 > May > Building costs rose by 3.2 per cent in May year-on-year

Published: 15 June 2021

Building costs rose by 3.2 per cent in May year-on-year

According to Statistics Finland, building costs rose by 3.2 per cent in May 2021 from the year before. The costs of materials went up by 3.6 per cent and labour costs by 3.5 per cent. The prices of services fell by 0.1 per cent from one year ago. The accelerating rise in the price of timber particularly contributed to higher prices of materials.

Long term development of the Building Cost Index

In addition to the significant rise in the price of timber, the prices of steel structures also continued to grow. The high annual change in labour costs is caused by the low level of the index in May 2020, when a temporary lowering of employers’ pension contributions was introduced because of the coronavirus.

From April to May, the total index of building costs rose by 0.5 per cent. The prices of materials went up by 0.7 per cent and labour costs by 0.3 per cent. The prices of services remained unchanged from the previous month.

Building cost index 2015=100, May 2021

Professional construction of new buildings		Weights	Index	Monthly change, %	Annual change, %
Total index		1000	106.8	0.5	3.2
By type of cost	Labour inputs	400	105.5	0.3	3.5
	Materials	510	108.5	0.7	3.6
	Services	90	102.9	0.0	-0.1
By purpose of use	Residential building	440	107.0	0.5	3.4
	Other building construction	560	106.6	0.5	3.1

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 (296.9 kB)

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Appendix tables

• Appendix table 1. Input indices 2015=100, May 2021 (15.6.2021)
• Appendix table 2. Residential building 2015=100, May 2021 (15.6.2021)

Figures

• Appendix figure 1. Input indices 2015=100, largest annual changes, per cent (15.6.2021)
• Appendix figure 2. Index clause sub-indices P 2000=100 (15.6.2021)

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Updated 15.06.2021