Changes in the last month

The Construction Cost Index for multi-dwelling buildings increased by 1.2 percent between April and May 2023. In the corresponding period in 2022, the Construction Cost Index increased by 1.8 percent.

Both contractors’ costs and construction clients’ costs increased by 1.2 percent respectively. These two groups accounted for 82 percent and 18 percent, respectively, of the Construction Cost Index.

The costs for wages and salaries increased by 3.8 percent, while contractors’ overhead costs and costs of machinery rose by 0.9 percent and 0.2 percent respectively between April and May 2023. Costs in the group ‘transport, fuel and electricity decreased by 1.1 percent. The decrease was mostly due to lower costs for diesel oil by 5.0 percent.

Contractors’ costs for building materials increased by 0.7 percent. All the costs in the building material groups rose slightly or remained unchanged, with the exception of wood products, floor material and plumbing material which decreased. The costs of reinforcement steel and concrete products increased the most, by 2.0 percent and 1.5 percent respectively.

Construction clients’ costs consist of interest and credit costs, costs for plans, and central administration. Costs for planning and interest costs rose the most, by 3.2 percent and 1.2 percent respectively. All construction clients’ costs rose slightly or remained unchanged.

Changes in the last year

The Construction Cost Index for multi-dwelling buildings increased by 10.9 percent between May 2022 and May 2023. The annual rate of change has been high since January 2022.

Contractors’ costs rose by 4.4 percent, which led to an upward contribution to the Construction Cost Index of 3.6 percentage points. Construction clients’ costs increased by 41.9 percent, which led to an upward contribution to the Construction Cost Index of 7.3 percentage points. The increase of the construction clients’ costs was mostly due to higher interest costs by 120.3 percent.

Contractors’ costs for machinery and overhead costs increased by 16.5 percent and 5.7 percent respectively, while costs for wages and salaries rose by 4.3 percent between May 2022 and May 2023. Contractors’ costs in the group transport, fuel and electricity’ increased by 1.4 percent. Within that group, the cost of transport and electricity rose. The increase was offset by the fact that the costs of diesel oil decreased.

Contractors’ costs of building materials increased by 3.1 percent between May 2022 and May 2023. All costs in the building material groups rose, with the exception of wood products and reinforcement steel which decreased by 20.7 percent and 18.4 percent respectively and iron and steel including reinforcement steel which decreased by 10.8 percent. The costs of floor material increased the most, by 14.3 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

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.