Published: 15 September 2021

Costs of building materials continued to rise strongly in August

According to Statistics Finland, building costs rose by 8.7 per cent in August 2021 compared with the previous year. The costs of materials went up by 11.8 per cent and labour costs by 6.3 per cent from one year ago. The prices of services rose by 1.6 per cent.

Long term development of the Building Cost Index

Long term development of the Building Cost Index

The costs of building materials are still pushed up particularly by timber, the price of which has grown for several months and continued to rise strongly still in August. The price of timber rose by 5.2 per cent in the month. The prices of steel structures have also gone up strongly, by 7.3 per cent in August from the month before.

From July to August, the total index of building costs rose by 2.2 per cent. The prices of materials went up by 2.9 per cent and labour costs by 1.8 per cent from the month before. The prices of services remained unchanged from the previous month.

Building cost index 2015=100, August 2021

Professional construction of new buildings Weights Index Monthly change, % Annual change, %
Total index   1000 112.1 2.2 8.7
By type of cost Labour inputs 400 107.4 1.8 6.3
Materials 510 117.2 2.9 11.8
Services 90 104.0 0.0 1.6
By purpose of use Residential building 440 112.8 2.2 9.4
Other building construction 560 111.5 2.2 8.2

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 15.09.2021

Referencing instructions:

Official Statistics of Finland (OSF): Building cost index [e-publication].
ISSN=1799-5841. August 2021. Helsinki: Statistics Finland [referred: 18.9.2021].
Access method: http://www.stat.fi/til/rki/2021/08/rki_2021_08_2021-09-15_tie_001_en.html