Material and Labor Cost Escalation Continues to Drive Increases in Construction Costs

Turner Construction Company released its Second Quarter 2022 Turner Building Cost Index — which measures costs in the non-residential building construction market in the United States — had increased to the value of 1283. This represents a 2.23% quarterly increase from the first quarter 2022 and an 8.09% yearly increase from the second quarter 2021.

The building costs and price trends tracked by the 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.