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November 27, 2023
Turner Construction Company announced that the Third 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 1381. This represents a 1.17% quarterly increase from the Second Quarter 2023 and an 5.34% yearly increase from the Third Quarter 2022.
“An increase in the number of younger and more diverse workers joining the construction industry helps alleviate the strain on labor availability as more experienced workforce retire or have left the industry since the onset of Covid,” said Attilio Rivetti, the Turner vice president responsible for compiling the Cost Index. Attilio continued, “Supply chain disruptions have for the most part settled with the exception of mechanical and electrical equipment where we continue to experience extended lead times due to many large-scale projects.”
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 these factors into account.