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April 13, 2021
Turner Construction Company announced that the First 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 1172.
This represents a 0.09% quarterly increase from the Fourth Quarter 2020 and a decrease of 1.43% from the First Quarter 2020.
“Steel and copper prices continued to experience significant increases. Scrap Steel pricing has increased mainly due to limited availability. Aggressive competition for available work is offsetting material price increases and is keeping overall construction costs relatively stable,” said Attilio Rivetti, the Turner vice president responsible for compiling the Cost Index.
Turner has prepared the construction cost forecast for more than 80 years. 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 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.
Click here to see the First Quarter 2021 report.