News & Opinions
The latest news and insights from Hanley Wood’s outspoken experts and key thought-leaders throughout the residential and commercial design and construction industry.
Building Cost Index Rises As Construction Pace Gradually Quickens
Randyl Drummer / CoStar / June 18, 2013
Turner Construction Index Shows 4% Annual Increase in Construction Costs
Non-residential construction costs rose in the second quarter as larger urban markets appear to be expanding more rapidly than other regions, according to Turner Construction Co.’s most recent Building Cost Index.
Turner’s Second Quarter 2013 Building Cost Index measuring costs in the U.S. non-residential building sector was 859, an increase of 1.18% from the previous quarter and 4% from the same quarter a year ago.
In addition to rising activity in larger urban areas, contributing to the increase is the limited capacity among trade contractors with the available resources to manage and work on large, complex projects, said Karl F. Almstead, the Turner vice president in charge of the Cost Index.