Published: 15 July 2021

Rising of prices of building materials continued fast in June

According to Statistics Finland, building costs rose by 4.2 per cent in June 2021 from the previous year. The prices of materials went up by 5.5 per cent and labour costs by 3.5 per cent from the year before. The prices of services remained unchanged from the previous year.

Long term development of the Building Cost Index

Long term development of the Building Cost Index

Prices rose for nearly all building materials, but the price development of steel products and timber has accelerated particularly for several months already. The exceptional speed of price changes in building materials is indicated by that the monthly change in materials was record high in June, 2.3 per cent. The last time the prices of materials went up sharply was in 2007, when the month-on-month change was 1.5 per cent.

From May to June, the total index of building costs rose by 1.2 per cent and prices of services by 0.1 per cent. The labour costs remained unchanged from the previous month.

Building cost index 2015=100, June 2021

Professional construction of new buildings Weights Index Monthly change, % Annual change, %
Total index   1000 108.0 1.2 4.2
By type of cost Labour inputs 400 105.5 0.0 3.5
Materials 510 110.9 2.3 5.5
Services 90 103.1 0.1 0.0
By purpose of use Residential building 440 108.3 1.2 4.5
Other building construction 560 107.8 1.1 4.0

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 15.07.2021

Referencing instructions:

Official Statistics of Finland (OSF): Building cost index [e-publication].
ISSN=1799-5841. June 2021. Helsinki: Statistics Finland [referred: 25.7.2021].
Access method: http://www.stat.fi/til/rki/2021/06/rki_2021_06_2021-07-15_tie_001_en.html