Published: 15 September 2020

Building costs turned to a decline of 0.5 per cent in August from one year earlier

According to Statistics Finland, building costs fell by 0.5 per cent in August 2020 compared with the previous year. Labour costs fell by 0.3 per cent and the prices of materials by 0.6 per cent compared with August of the previous year. The prices of services rose by 0.1 per cent from one year ago.

Long term development of the Building Cost Index

Long term development of the Building Cost Index

The prices of materials have already fallen from October 2019 until June 2020. However, the total index of building costs has continued to show slight growth. Now in August, the simultaneous fall in labour inputs and materials turned the year-on-year change in the total index of building costs to a decline. The fall in labour inputs is explained by the development of the index of wage and salary earnings used as source data. Due to supplementation of the data, the data of the index of wage and salary earnings have become revised since the previous release of the Building Cost Index.

From July to August, the total index of building costs fell by 0.6 per cent. Labour costs went down by 0.9 per cent. The prices of materials and services both fell by 0.3 per cent.

Building cost index 2015=100, August 2020

Professional construction of new buildings Weights Index Monthly change, % Annual change, %
Total index   1000 103.9 -0.6 -0.5
By type of cost Labour inputs 400 103.1 -0.9 -0.3
Materials 510 104.8 -0.3 -0.6
Services 90 102.5 -0.3 0.1
By purpose of use Residential building 440 104.0 -0.6 -0.6
Other building construction 560 103.8 -0.5 -0.4

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 15.09.2020

Referencing instructions:

Official Statistics of Finland (OSF): Building cost index [e-publication].
ISSN=1799-5841. August 2020. Helsinki: Statistics Finland [referred: 28.9.2020].
Access method: http://www.stat.fi/til/rki/2020/08/rki_2020_08_2020-09-15_tie_001_en.html