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Q2 construction costs up 5.6% this year

Dive Brief:

  • Turner Construction's Second Quarter 2018 Turner Building Cost Index reflects a 5.63% increase in construction costs since the second quarter of 2017 and a quarter-over-quarter increase of 1.68%.
  • The index, which, as of the second quarter, sits at a value of 1089, measures non-residential U.S. construction costs and, according to Turner, has been rising steadily since at least 2014 in the wake of increased building activity. More expensive raw materials and the labor shortage are both contributors to higher costs.
  • When compiling data for the index, Turner takes into consideration U.S. labor rates and productivity, material prices and the state of competition in the construction market. Turner said that other similar indices do not take all of these factors into account, setting its Building Cost Index apart.  

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