Published: 15 December 2020
Building costs fell by 0.3 per cent in November year-on-year
According to Statistics Finland, building costs decreased by 0.3 per cent in November 2020 from one year ago. Labour costs went down by 1.2 per cent. The prices of materials went up by 0.4 per cent and those of services by 0.1 per cent compared with the year before.
Long term development of the Building Cost Index
![Long term development of the Building Cost Index](rki_2020_11_2020-12-15_tie_001_en_001.png)
The decline in labour costs is due to lower employers’ pension insurance contributions in the private sector. Due to the corona virus, pension insurance contributions were temporarily reduced from May 2020 until the end of the year.
From October to November, the total index of building costs rose by 0.1 per cent. The prices of materials rose by 0.2 per cent from the previous month. The labour costs and prices of services remained unchanged from the previous month.
Building cost index 2015=100, November 2020
Professional construction of new buildings | Weights | Index | Monthly change, % | Annual change, % | |
Total index | 1000 | 104.1 | 0.1 | -0.3 | |
By type of cost | Labour inputs | 400 | 102.7 | 0.0 | -1.2 |
Materials | 510 | 105.2 | 0.2 | 0.4 | |
Services | 90 | 103.3 | 0.0 | 0.1 | |
By purpose of use | Residential building | 440 | 104.2 | 0.1 | -0.4 |
Other building construction | 560 | 104.0 | 0.0 | -0.2 |
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 15.12.2020
Official Statistics of Finland (OSF):
Building cost index [e-publication].
ISSN=1799-5841. November 2020. Helsinki: Statistics Finland [referred: 17.8.2024].
Access method: http://www.stat.fi/til/rki/2020/11/rki_2020_11_2020-12-15_tie_001_en.html