Turner Construction Company Announces Cost of Construction Materials Continue to Rise

Turner Construction Company announced the fourth quarter 2021 Turner Building Cost Index—which measures costs in the non-residential building construction market in the United States—had increased to the value of 1230. This represents a 1.91% quarterly increase from the third quarter 2021 and a 5.04% yearly increase from the fourth quarter 2020.

“While some material prices appear to show signs of leveling, there is continual escalation in steel, copper and aluminum prices. In addition, the supply chain disruptions have continued at unprecedented levels. With subcontractor backlog returning to pre-pandemic levels and skilled labor shortages persisting, competitiveness by vendors and subcontractors appears to be somewhat less aggressive as compared to earlier in 2021,” said Attilio Rivetti, the Turner vice president responsible for compiling the cost index.

Turner has prepared the construction cost forecast for more than 80 years. The building costs and price trends tracked by the Turner Building Cost Index may or may not reflect regional conditions in any given quarter. The cost index is determined by several factors considered on a nationwide basis, including labor rates and productivity, material prices and the competitive condition of the marketplace. This index does not necessarily conform to other published indices because others do not generally take all of these factors into account.

Click here to see the fourth quarter 2021 report.