Building Costs Increases Slow in the First Quarter of 2023

Turner Construction Company has released its First Quarter 2023 Turner Building Cost Index — which measures costs in the nonresidential building construction market in the United States — had increased to the value of 1349. This represents a 1.28% quarterly increase from the fourth quarter 2022 and a 7.49% yearly increase from the first quarter 2022.

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. This index does not necessarily conform to other published indices because others do not generally take all of these factors into account.