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June 20, 2018
Turner Construction Company announced that the Second Quarter 2018 Turner Building Cost Index—which measures costs in the non-residential building construction market in the United States—has increased to a value of 1089.
This represents a 1.68% quarterly increase from the First Quarter 2018 and a 5.63% yearly increase from the Second Quarter 2017.
“The busy construction market in every region of the country has continued into the second quarter,” said Attilio Rivetti, the Turner vice president responsible for compiling the Cost Index. “As a result, we’re seeing a continuation of the skilled labor shortage. We’re also seeing increases in raw material costs.”
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.