Changes in the last month

The Construction Cost Index for multi-dwelling buildings remained unchanged between October and November 2021. In the corresponding period in 2020, the Construction Cost Index increased by 0.6 percent.

Contractors’ costs increased by 0.4 percent between October and November 2021, while construction clients’ costs decreased by 1.7 percent. These two groups accounted for 82 percent and 18 percent, respectively, of the Construction Cost Index.

Contractors’ costs for building materials increased by 0.7 percent between October and November. In the group ‘building materials’, the cost of material for painting and woodwork increased the most, by 4.2 percent and 3.7 percent respectively. All costs in the building material groups rose slightly or remained unchanged with the exception of wood products, reinforcement steel and white goods, which decreased. Costs of wood products and reinforcement steel have so far increased or remained unchanged in 2021, but fell in October and November.

Contractors’ costs in the group ‘transport, fuel and electricity’ increased by 0.4 percent. This was mainly due to increases in the cost of diesel oil. Machinery costs and overhead costs increased by 0.4 percent and 0.1 percent respectively, while the costs of wages and salaries remained unchanged.

Construction clients’ costs consist of interest and credit costs, costs for plans, and central administration. The decrease of the construction clients’ costs was due to lower interest costs.

Changes in the last year

The Construction Cost Index for multi-dwelling buildings increased by 7.5 percent between November 2020 and November 2021. Contractors’ costs rose by 9.4 percent, which led to an upward contribution to the Construction Cost Index of 7.6 percentage points. Construction clients’ costs decreased by 0.6 percent, which led to an downward contribution to the Construction Cost Index of 0.1 percentage points.

Contractors’ costs of building materials increased by 17.3 percent between November 2020 and November 2021. In the group ‘building materials’, the costs of wood products and reinforcement steel remained high. These costs have been rising for some time due to a shortage of raw materials as a result of global demand. The costs of wood products and reinforcement steel increased by 76.1 percent and 64.0 percent respectively. The costs of iron and steel, including reinforcement steel, rose by 41.4 percent. All costs in building material groups rose.

Contractors’ costs in the group ‘transport, fuel and electricity’ increased by 15.2 percent. Between November 2020 and November 2021, the cost of diesel oil and electricity rose the most, by 41.1 percent and 31.3 percent respectively. Contractors’ costs for wages and salaries and machinery increased by 2.8 percent and 2.1 percent respectively, while overhead costs rose by 0.7 percent.

Construction Cost Index for multi-dwelling buildings, excl. wage drift and value-added tax.

Construction Cost Index for multi-dwelling buildings, excl. VAT