Construction Ticks Up, But So Do Costs
U.S. construction costs rose 1.15% in Q1.
The construction pipeline is filling up, with McGraw-Hill Construction’s Dodge Momentum Index for nonresidential projects in the planning stages showing its third consecutive monthly increase. And in the latest of a string of positive reports from the Associated General Contractors of America, the Arlington, VA-based trade association said its analysis of the latest Census Bureau figures showed overall spending was up for the third month in a row.
However, one reason for the increase in spending may be a rise in costs. Consulting firm Rider Levett Bucknall says US construction costs rose 1.15% in the first quarter of 2014, the largest three-month increase since 2008.
Rider Levett Bucknall’s research shows that overall construction costs have been relatively flat for the past six years and are now beginning to show signs of spiking. These increases result from a variety of factors including increased construction activity, easing of general contractor price compression and the availability of labor and sub-trades.
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Source:GlobeSt.com
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