Growth rate of building costs slowed down to 1.6 per cent in December

Building costs rose by 1.6 per cent from December 2007 to December 2008. Labour costs in construction went up by 2.5 per cent, prices of materials by 1.3 per cent and those of other inputs by 0.7 per cent year-on-year. This is indicated by the building cost index of Statistics Finland.

From November to December 2008, the total index of building costs went down by 0.8 per cent. The prices for labour went down by 0.7 procent, the prices of materials by 0.5 procent and the prices of those for other inputs by 2.0 per cent.

Building Cost Index (2005 = 100) and its year-on-year and month-on-month changes

Index	December 2008	Change % 12/2007 - 12/2008	Change % 11/2008 - 12/2008
Building trade newbuilding
Total index	113.7	1.6	-0.8
Labour	110.6	2.5	-0.7
Materials	115.6	1.3	-0.5
Other inputs	113.9	0.7	-2.0

By type of building
Newbuilding
Blocks of flats	113.9	1.0	-0.6
Detached residential houses	113.2	0.5	-0.9
Office and commercial buildings	113.3	1.8	-0.8
Industrial and warehouse buildings	114.3	2.6	-0.8
Agricultural production buildings	117.2	-1.5	-0.8

Source: Building cost index 2008, December. Statistics Finland

Inquiries: Ms Sinikka Kanerva +358 9 1734 2231, rakennus.suhdanne@stat.fi

Director in charge: Ms Hannele Orjala

Last updated 12.1.2009

Referencing instructions:

Official Statistics of Finland (OSF): Building cost index [e-publication].
ISSN=1799-5841. December 2008. Helsinki: Statistics Finland [referred: 10.2.2012].
Access method: http://www.stat.fi/til/rki/2008/12/rki_2008_12_2009-01-12_tie_001_en.html.

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