Changes in the last month

The Construction Cost Index for multi-dwelling buildings increased by 0.1 percent between February and March 2023. In the corresponding period in 2022, the Construction Cost Index increased by 1.5 percent.

Contractors’ costs increased remained unchanged, while construction clients’ costs increased by 0.3 percent. These two groups accounted for 82 percent and 18 percent, respectively, of the Construction Cost Index.

Costs in the group ‘transport, fuel and electricity’ decreased by 0.7 percent. The decrease was due to lower costs for diesel oil by 3.6 percent. Contractors’ overhead costs increased by 0.4 percent. Contractors’ costs of machinery and the costs for wages and salaries remained unchanged.

Contractors’ costs for building materials were overall unchanged. The costs of floor material and other building materials increased the most, by 1.0 percent and 0.7 percent respectively. The costs of wood products and reinforcement steel decreased the most, by 1.6 percent and 0.7 percent respectively.

Construction clients’ costs consist of interest and credit costs, costs for plans, and central administration. All costs rose slightly or remained unchanged.

Changes in the last year

The Construction Cost Index for multi-dwelling buildings increased by 14.9 percent between March 2022 and March 2023. The annual rate of change has been high since January 2022.

Contractors’ costs rose by 8.1 percent, which led to an upward contribution to the Construction Cost Index of 6.7 percentage points. Construction clients’ costs increased by 49.1 percent, which led to an upward contribution to the Construction Cost Index of 8.2 percentage points. The increase of the construction clients’ costs was mostly due to higher interest costs. Interest costs increased by 170.7 percent.

Contractors’ costs in the group ‘transport, fuel and electricity’ increased by 25.1 percent between March 2022 and March 2023. Within that group, the cost of electricity rose the most, by 91.0. Contractors’ costs for machinery and overhead costs increased by 17.5 percent and 5.5 percent respectively, while costs for wages and salaries rose by 2.5 percent.

Contractors’ costs of building materials increased by 8.5 percent between March 2022 and March 2023. All costs in the building material groups rose, with the exception of wood products and reinforcement steel which decreased by 14.4 percent and 4.5 percent respectively. The costs of floor material increased the most, by 24.5 percent.

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

The width of the bars represents the production factor’s weight share in percent in the calculation of the Construction Cost Index for multi-dwelling buildings. The height of the bars represents the average price development of each production factor.

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

The width of the bars represents the construction material group’s weight share in percent of all construction material in the calculation of the Construction Cost Index for multi-dwelling buildings. The height of the bars represents the average price development of each product category.