International property and construction consultancy firm Rider Levett Bucknall has released its latest Quarterly Cost Report, providing a perspective on the North American construction industry in 14 key markets.
With data from mid-Q4 2023, the latest RLB quarterly cost report shows the national average increase in construction costs was 1.32% over the previous quarter, with Boston, Chicago, Honolulu, Portland, Seattle and Washington, D.C. experiencing increases over the national average this quarter. Denver, Las Vegas, Los Angeles, New York, Phoenix and San Francisco experienced gains that were less than the national average.
Quarterly Cost Report highlights
- The U.S. quarterly national average increase in construction cost is approximately 1.53% and 5.28% year-over-year
- The construction unemployment rate is up slightly to 3.8% from 3.4% in the same time period last year
- The Architectural Billings Index is 44.3, the third month in a row of significant decreases.
Download the complete QCR Q4 2023 report at rlb.com/americas/insight/rlb-construction-cost-report-north-america-q4-2024/.
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