Changes in the last month

The Construction Cost Index for multi-dwelling buildings increased by 0.9 percent between January and February 2022. In the corresponding period in 2021, the Construction Cost Index increased by 0.4 percent.

Contractors’ costs increased by 1.0 percent, while construction clients’ costs increased by 0.5 percent. These two groups accounted for 82 percent and 18 percent, respectively, of the Construction Cost Index.

Contractors’ costs of machinery and costs in the group ‘transport, fuel and electricity’ increased the most, by 1.7 percent and 1.6 percent respectively. The increase in the group ‘transport, fuel and electricity’ was mainly due to increases in the cost of diesel oil, by 6.8. Overhead costs and wages and salaries increased by 0.8 percent and 0.1 percent respectively.

Contractors’ costs for building materials increased by 1.4 percent. In the group ‘building materials’, the cost of reinforcement steel and electric material increased the most, by 4.3 percent and 3.2 percent respectively. All other costs in the building material groups rose slightly or remained unchanged, with the exception of wood products and woodwork, which decreased.

Construction clients’ costs consist of interest and credit costs, costs for plans, and central administration. The costs of official employee wages and interest costs increased. The increase was somewhat offset by lower costs for plans and general costs.

Changes in the last year

The Construction Cost Index for multi-dwelling buildings increased by 8.2 percent between February 2021 and February 2022. Contractors’ costs rose by 9.4 percent, which led to an upward contribution to the Construction Cost Index of 7.7 percentage points. Construction clients’ costs increased by 2.6 percent, which led to an upward contribution to the Construction Cost Index of 0.5 percentage points.

Contractors’ costs in the group ‘transport, fuel and electricity’ increased by 24.2 percent between February 2021 and February 2022. Within that group, the cost of electricity and diesel oil rose the most, by 73.1 percent and 42.3 percent respectively. Contractors’ costs for machinery and overhead costs increased by 3.6 percent and 2.3 percent respectively, while costs for wages and salaries rose by 0.1 percent.

Contractors’ costs of building materials increased by 16.9 percent between February 2021 and February 2022. 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 60.3 percent and 44.5 percent respectively. The costs of iron and steel, including reinforcement steel, rose by 35.4 percent. Costs in other building material groups also increased.

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

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