Search results
Results from the WOW.Com Content Network
The CBRE Construction Cost Index showed a decline in annual escalation compared to the record high 2022. 2023 concluded at 4.9% (± 2%) . This is still higher than the industry pre-COVID average of 2-5% per year.
CBRE unveils the forecast for U.S. construction costs in 2023, highlighting changes in materials, labor, and margins. Learn more about the future trends here.
Overall, construction costs saw a modest dip of 1.25% from Q3 2023 to Q1 2024, led by a 3.5% fall in material costs as major commodity material continue to stabilize. Meanwhile, labor costs saw a slight increase of 2.7%, driven by a shortage of skilled workers.
The chart below shows how average construction costs for mission critical data centers built across the United States have trended over the last six years. Costs increased 30% from 2020 to 2023, but our data points show cost escalation slowing in 2024 as material and equipment costs normalize.
Find the most up-to-date statistics and facts about construction costs of commercial buildings in the United States.
Discover the trends impacting home construction costs in 2024, including material prices, labor shortages, and financial factors.
Stay up to date on the dynamics of the construction industry with Skanska USA Building’s Construction Market Trends Report. Explore regional construction escalation insights and forecasts, supply chain lead times, material pricing and critical market indices through this interactive report.