In brief

• The annual rate of change for the Construction Cost Index in November 2025 was the highest since August 2024.
• The costs of electricity increased by 7.4 percent in November compared to October 2025 and were 2.8 percent higher compared to November 2024.
• Interest costs increased by 0.6 percent in November compared to October but were 14.0 percent lower compared to November 2024.
• Construction clients’ costs decreased by 4.8 percent in November 2025 compared to November 2024.

Changes in the last month

The Construction Cost Index for multi-dwelling buildings increased by 0.2 percent between October 2025 and November 2025. This increase was due to the fact that both the construction clients’ costs and the contractors’ costs increased. The construction clients’ costs increased by 0.3 percent and the contractors’ costs increased by 0.2 percent. These two groups account for 18 percent and 82 percent, respectively, of the Construction Cost Index.

Costs in the group ‘transport, fuel and electricity’ increased by 2.3 percent. Within that group, the cost of electricity and transport rose by 7.4 and 0.7 percent, respectively. While the cost of diesel oil increased by 4.2 percent. Contractors’ overhead costs increased by 0.1 percent. Cost of machinery and wages and salaries were unchanged.

Contractors’ costs for building materials increased by 0.2 percent in November 2025. Among the building material groups, the cost of concrete products was the only product type cost that rose, with 0.9 percent. The cost of wood products and electric material fell the most, by 0.5 and 0.3 percent, respectively. The remaining material costs were unchanged or decreased by up to 0.1 percent between October and November 2025.

Construction clients’ costs increased by 0.3 percent in November. Construction clients’ costs consist of interest and credit costs, costs for plans, and central administration. The increase in construction clients’ costs was due to higher interest costs which rose by 0.6 percent.

Changes in the last year

The Construction Cost Index for multi-dwelling buildings increased by 0.9 percent between November 2024 and November 2025. Contractors’ costs rose by 2.4 percent, which led to an upward contribution to the Construction Cost Index of 1.9 percentage points. Construction clients’ costs decreased by 4.8 percent, which led to a downward contribution to the Construction Cost Index of 1.0 percentage points. The decreased construction clients’ costs was due to lower interest costs, which decreased by 14.0 percent. The remaining construction clients’ costs increased by between 1.2 percent and 3.7 percent.

Contractors’ costs for wages and salaries and overhead costs increased by 3.5 percent and 2.8 percent respectively, while costs for machinery decreased by 0.1 percent between November 2024 and November 2025. Contractors’ costs in the group ‘transport, fuel and electricity’ increased by 1.4 percent. Within that group, cost of electricity and transport rose by 2.8 and 1.3 percent respectively. The increase was somewhat offset by decreased cost of diesel oil, which decreased by 1.2 percent.

Contractors’ costs of building materials increased by 2.1 percent between November 2024 and November 2025. All costs in the building material groups rose except the cost of electric materials and other building materials, which both decreased. The costs of materials for painting and wood products increased the most, by 10.7 percent and 8.5 percent respectively.