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The share of the construction industry in the national GDP is about 6%, its turnover by the end of 2020 exceeded 36.9 billion euros. Investments in the industry form more than 60% of the investments of the Finnish economy. Net investments of construction companies by the end of 2020 are estimated by the Confederation of Finnish Industry EK at 206 million euros. According to the forecast, in 2021 they will increase by 0.8% to 208 million euros.
According to the Finnish Construction Industry Association, after the industry reached a peak of growth in 2018, it has been gradually declining since 2019. According to the results of 2020, a decline of 1% was recorded, a decline of 2% is predicted in 2021, stagnation and lack of growth in 2022.
The index of laying new housing by the end of 2020 decreased by 5% to 38.7 thousand units. This year, according to the Association, it is expected to fall to 37 thousand units, in 2022 - to 34 thousand units.
At the same time, 11,361 construction permits were issued in the second quarter of 2021, which is 27.9% higher than a year earlier. During this period, the rate of laying new housing reached 13,496 units, 45.5% higher than in the 2nd quarter of 2020.
In 2020, the level of infrastructure construction remained high (+5%) due to the development of the water network and busy construction. In 2021, almost all sub-sectors of infrastructure construction will show a reduction. For example, according to the government group Raksu, investments in water supply and reconstruction were partially postponed due to deterioration due to the pandemic and lack of municipal funding. The following areas remain growing: the construction of railways and industrial wind power plants, the laying of telecommunications. According to the group's forecast, infrastructure construction will slow down in the coming years due to the completion of a number of large facilities in the capital region.
A slight but stable growth is noted in the field of renovation of existing housing stock (+0.5% in 2020, +1.0 in 2021, +1.5% in 2022) due to the deterioration of operated facilities in the 1970s and 1980s, overdue debt for repairs, changes in the functions of used buildings, improving their energy efficiency, as well as in connection with the development and introduction of new technologies.
The volume of the Finnish construction materials market is estimated at 3.3 billion euros by the end of 2020. The main profile retail chains: Kesko group (market share – 44%), Stark, S-Rauta, Bauhaus. According to experts of the Finnish RASI Association, in the context of the coronavirus pandemic, the demand for construction materials by the end of 2020 increased by 4.8% compared to 2019. In the first half of 2021, sales of construction and furniture products increased by 7%.
According to the Statistics Center of Finland, the costs of construction companies have increased significantly over the past year. Thus, in August 2021, the cost of construction increased YoY by 8.7%, materials - by 11.8%, labor - by 6.3%, services - by 1.6%. The largest increase in prices was recorded for lumber (5.2% per month) and steel structures (7.2% per month).
