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Published: 15 December 2021

Building costs rose by 9.6 per cent in November, price of wood declining slowly

According to Statistics Finland, building costs rose by 9.6 per cent in November 2021 from one year back. The costs of materials went up by 13.7 per cent and labour costs by 6.5 per cent year-on-year. The prices of services fell slightly during the year, by 0.1 per cent.

Long term development of the Building Cost Index

Long term development of the Building Cost Index

From October to November, the total index of building costs rose by 0.3 per cent. The prices of materials went up by 0.5 per cent and those of services by 0.1 per cent from the month before. The prices of labour inputs remained on level with the previous month in November.

The price of timber made a moderate downturn in October. From October to November, it fell further by 2.6 per cent. However, the price of timber is as much as 57.4 per cent higher than one year ago. So far, the recovery of prices from the peak figures seems to be very slow.

Building cost index 2015=100, November 2021

Professional construction of new buildings Weights Index Monthly change, % Annual change, %
Total index 1000 114.1 0.3 9.6
By type of cost Labour inputs 400 109.4 0.0 6.5
Materials 510 119.7 0.5 13.7
Services 90 103.3 0.1 -0.1
By purpose of use Residential building 440 114.3 0.1 9.7
Other building construction 560 113.9 0.4 9.6

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 15.12.2021

Referencing instructions:

Official Statistics of Finland (OSF): Building cost index [e-publication].
ISSN=1799-5841. November 2021. Helsinki: Statistics Finland [referred: 5.6.2023].
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