(RTTNews) - A report released by Statistics Finland on Friday said building costs rose 4.5% year-on-year in May, reflecting a rise in cost of all inputs.

Among the inputs, the highest rise in costs was from other inputs, which saw an increase of 5.8% in the month. Labor costs increased 4.4% while material costs were up 4.1% in the month.

On the basis of the type of building, building costs increased for all types of buildings in the month. Building costs cost for office and commercial buildings showed the highest increase, with costs rising 4.8%.

This was followed by a 4.7% rise in construction costs for industrial and warehouse buildings and a 4.4% increase for block of flats. Moreover, building costs also increased for detached residential houses and agricultural production buildings.

Month-on-month, building costs rose 0.3% led by a 0.7% increase in other input costs. Material costs along with labor costs also showed a rise in the month.

Within the type of building, building costs for office and commercial buildings, along with industrial and warehouse buildings increased 0.5% each in the month. Building costs for detached residential homes fell flat, while for agricultural buildings, it fell 0.5%.

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Posted in Categories: Economy, Eurozone, Releases.

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