Building costs rise by 5.9% in Oct Y-on-Y

Building costs rose by 5.9 per cent in October 2022 from one year back, according to Statistics Finland.

Among materials, the biggest increases in the year were recorded in steel structures (15.3%) and heat insulation (25.5%).

The fall in the costs of timber structures continued and the change from the previous year was minus 10.8 per cent.

The costs of materials rose by 9.6 per cent and the prices of services increased by 4.9 per cent from one year ago.

Monthly changes have turned negative in several input heading and thus curb the rise in building costs.

The total index went up by 0.1 per cent from the month before.

There are signs of slowing down in the rise in building costs. This can be seen, for example, from negative monthly changes in timber structures (minus6.7%), steel structures (minus0.8%) and site energy (minus2.4%).