Prices of building materials on rise

Building costs rose by 4.2 per cent in June 2021 from the previous year, according to Statistics Finland.

The prices of materials went up by 5.5 per cent and labour costs by 3.5 per cent from the year before. The prices of services remained unchanged from the previous year.

Prices rose for nearly all building materials, but the price development of steel products and timber has accelerated particularly for several months already.

The exceptional speed of price changes in building materials is indicated by that the monthly change in materials was record high in June, 2.3 per cent.

The last time the prices of materials went up sharply was in 2007, when the month-on-month change was 1.5 per cent.

From May to June, the total index of building costs rose by 1.2 per cent and prices of services by 0.1 per cent. The labour costs remained unchanged from the previous month.