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Latest publication: Building cost index 2022, February

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

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

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Updated 15.06.2021

Referencing instructions:

Official Statistics of Finland (OSF): Building cost index [e-publication].
ISSN=1799-5841. May 2021. Helsinki: Statistics Finland [referred: 28.5.2022].
Access method: http://www.stat.fi/til/rki/2021/05/rki_2021_05_2021-06-15_tie_001_en.html