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October 25, 2021
Turner Construction Company announced that the Third 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 1207.
This represents a 1.68% quarterly increase from the Second Quarter 2021 and a 3.07% yearly increase from the Third Quarter 2020.
“While supply chain disruptions continue to impact lead times for key construction materials such as steel, aluminum, and copper, there was also a significant reduction in lumber costs. At the same time, we experienced some vendors and subcontractors reporting that their backlog is returning to pre-pandemic levels,” 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 view the Third Quarter 2021 report.