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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

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,

Head of Department in charge: Hannele Orjala

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Updated 15.11.2021

Referencing instructions:

Official Statistics of Finland (OSF): Building cost index [e-publication].
ISSN=1799-5841. October 2021. Helsinki: Statistics Finland [referred: 4.6.2023].
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