Changes in the last month

The Construction Cost Index for multi-dwelling buildings increased by 2.2 percent between December 2022 and January 2023. In the corresponding period in 2022, the Construction Cost Index increased by 1.5 percent.

Contractors’ costs increased by 1.1 percent, while construction clients’ costs increased by 6.7 percent. These two groups accounted for 82 percent and 18 percent, respectively, of the Construction Cost Index.

Contractors’ costs in the group ‘transport, fuel and electricity’ increased the most, by 8.5 percent The increase was mostly due to higher costs for electricity by 23.5 percent (compared with October, which is the latest available comparison data for electricity). Contractors’ overhead costs increased by 0.8 percent. The costs for wages and salaries rose by 0.3 percent, while the cost of machinery remained unchanged.

Contractors’ costs for building materials increased by 0.6 percent. The costs of white goods, other building materials, material for painting and concrete products increased the most. The increase was offset by the fact that the costs of iron and steel including reinforcement steel decreased.

Construction clients’ costs consist of interest and credit costs, costs for plans, and central administration. Interest costs increased by 14.6 percent. Other construction clients’ costs rose slightly or remained unchanged.

Changes in the last year

The Construction Cost Index for multi-dwelling buildings increased by 16.3 percent between January 2022 and January 2023. During 2022, the annual rate of change increased continuously, but decreased during August and November 2022.

Contractors’ costs rose by 10.7 percent, which led to an upward contribution to the Construction Cost Index of 8.9 percentage points. Construction clients’ costs increased by 43.9 percent, which led to an upward contribution to the Construction Cost Index of 7.4 percentage points. The increase of the construction clients’ costs was mainly due to higher interest costs. Interest costs increased by 146.1 percent.

Contractors’ costs in the group ‘transport, fuel and electricity’ increased by 32.9 percent between January 2022 and January 2023. Within that group, the cost of electricity and diesel oil rose the most, by 91.0 percent and 21.2 percent respectively. Contractors’ costs for machinery and overhead costs increased by 16.0 percent and 7.0 percent respectively, while costs for wages and salaries rose by 2.6 percent.

Contractors’ costs of building materials increased by 12.7 percent between January 2022 and January 2023. All costs in the building material groups rose, with the exception of wood products which decreased by 13.3 percent. The costs of reinforcement steel and floor material increased the most, by 25.4 percent and 25.0 percent respectively.

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.