Turner Construction Company announced that the Third Quarter 2013 Turner Building Cost Index — which measures costs in the non-residential building construction market in the United States — has increased to a value of 868. This reflects a 1.05 percent increase from the Second Quarter 2013 and 4.33 percent annual increase from the Third Quarter 2012.
“The design and construction industry has been recovering over the past several quarters and pent up demand is resulting in increased activity in design firms,” said Karl F. Almstead, the Turner vice president in charge of the Cost Index.
He added that material prices are increasing, but generally off their highs of the year and labor costs remain constrained. The increase in construction activity has enabled pricing to cautiously increase among specialty and trade contractors as their order backlog grows.
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