Building Costs Increase in the Second Quarter of 2023

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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 … Read more

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Building Costs Increases Slow in the First Quarter of 2023

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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 … Read more

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Wages Increasing for Skilled Labor in Construction Industry

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Turner Construction Company announced the Third Quarter 2022 Turner Building Cost Index — which measures costs in the nonresidential building construction market in the United States — had increased to the value of 1311. This represents a 2.18% quarterly increase from second quarter 2022 and an 8.62% yearly increase from third quarter 2021. “We are experiencing a robust market with numerous mega-jobs. A shortage of skilled labor continues to lead contractors to be more selective in the projects they pursue. Wages are increasing to attract more labor into the industry and to incentivize skilled labor to travel to meet project … Read more

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

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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 … Read more

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Turner Construction Company Announces Cost of Construction Materials Continue to Rise

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Turner Construction Company announced the fourth quarter 2021 Turner Building Cost Index—which measures costs in the non-residential building construction market in the United States—had increased to the value of 1230. This represents a 1.91% quarterly increase from the third quarter 2021 and a 5.04% yearly increase from the fourth quarter 2020. “While some material prices appear to show signs of leveling, there is continual escalation in steel, copper and aluminum prices. In addition, the supply chain disruptions have continued at unprecedented levels. With subcontractor backlog returning to pre-pandemic levels and skilled labor shortages persisting, competitiveness by vendors and subcontractors appears … Read more

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