Building Costs Increase in the Second Quarter of 2023

Turner Construction Company’s Second Quarter 2023 Turner Building Cost Index — which measures costs in the non-residential building construction market in the United States — had increased to the value of 1365. This represents a 1.19% quarterly increase from the Fourth Quarter 2022 and a 6.39% yearly increase from the Second Quarter 2022.

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 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 these factors into account.