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Published: 13 August 2021

Fast rise in prices of building materials still continued in July

According to Statistics Finland, building costs rose by 5.8 per cent in July 2021 compared with the previous year's July. The costs of materials went up by 8.3 per cent and labour costs by 3.5 per cent from one year ago. The prices of services rose by 1.2 per cent.

Long term development of the Building Cost Index

Long term development of the Building Cost Index

The costs of building materials were raised particularly by timber, in which the rise in prices that had continued for several months accelerated in July. Month-on-month changes in the price of timber were, on average, 7.0 per cent in April to June but as much as 21.3 per cent in July. The prices of materials went up by 2.7 from the previous month.

From June to July, the total index of building costs rose by 1.5 per cent and that of services by 0.9 per cent. Labour costs remained unchanged from the previous month.

Building cost index 2015=100, July 2021

Professional construction of new buildings Weights Index Monthly change, % Annual change, %
Total index   1000 109.7 1.5 5.8
By type of cost Labour inputs 400 105.5 0.0 3.5
Materials 510 113.9 2.7 8.3
Services 90 104.0 0.9 1.2
By purpose of use Residential building 440 110.4 1.9 6.5
Other building construction 560 109.1 1.2 5.3

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 13.08.2021

Referencing instructions:

Official Statistics of Finland (OSF): Building cost index [e-publication].
ISSN=1799-5841. July 2021. Helsinki: Statistics Finland [referred: 29.2.2024].
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