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Published: 15 January 2021

Building costs fell by 0.5 per cent in December year-on-year

According to Statistics Finland, building costs fell by 0.5 per cent in December 2020 compared with the previous year. Labour costs went down by 1.4 per cent. The prices of materials and services rose by 0.1 per cent compared to one year ago.

Long term development of the Building Cost Index

Long term development of the Building Cost Index

The fall in labour costs is affected by the lowering of employer's pension insurance contributions in the private sector. Due to corona, pension contributions were temporarily lowered from May 2020 until the end of the year.

From November to December, the total index of building costs fell by 0.2 per cent. The prices of materials fell by 0.4 per cent from the previous month. Labour costs and prices of services remained unchanged from the previous month.

Building cost index 2015=100, December 2020

Professional construction of new buildings Weights Index Monthly change, % Annual change, %
Total index   1000 103.8 -0.2 -0.5
By type of cost Labour inputs 400 102.7 0.0 -1.4
Materials 510 104.8 -0.4 0.1
Services 90 103.3 -0.0 0.1
By purpose of use Residential building 440 103.9 -0.3 -0.6
Other building construction 560 103.8 -0.2 -0.4

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 15.01.2021

Referencing instructions:

Official Statistics of Finland (OSF): Building cost index [e-publication].
ISSN=1799-5841. December 2020. Helsinki: Statistics Finland [referred: 2.10.2023].
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