Building costs fall by 0.3% in November

Building costs decreased by 0.3 per cent in November 2020 from one year ago, according to the Statistics Finland.

Labour costs went down by 1.2 per cent. The prices of materials went up by 0.4 per cent and those of services by 0.1 per cent compared with that in the year before.

The decline in labour costs is due to lower employers’ pension insurance contributions in the private sector.

Due to the coronavirus, pension insurance contributions were temporarily reduced from May 2020 until the end of the year.

From October to November, the total index of building costs rose by 0.1 per cent.

The prices of materials rose by 0.2 per cent from the previous month. The labour costs and prices of services remained unchanged from the previous month.