International property and construction consultancy firm Rider Levett Bucknall has released its latest Quarterly Cost Report, providing an eye-opening perspective on the North American construction industry in 14 key markets.
The latest RLB quarterly cost report, with data current to mid-Q2 2024, shows that the national average increase in construction costs was 1.12% over the previous quarter. Boston, Chicago, Denver, Honolulu, Los Angeles, Portland, San Francisco and Washington, D.C. experienced increases over the national average this quarter. Denver, Las Vegas, New York, Phoenix and Seattle experienced gains that were less than the national average.
Quarterly Cost Report notes
- During Q2 2024, the U.S. national average increase in construction cost is approximately 1.12%; compared to 1.31% in the first quarter
- Year-over-year, the U.S. national average increase in construction costs is approximately 5.41%; compared to 5.85% YOY in the first quarter
- The construction unemployment rate is down slightly to 5.4%; down from 5.6% in the same period last year
- The Architectural Billings Index is 42.4; a decrease of nearly 6 points over the previous month
Read the complete QCR report here
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