US Construction Costs Drops First Time In Decade
Construction costs in the US decreased in the second quarter 2020, the first decline since the second quarter of 2010. According to Turner Construction Company’s Turner Building Cost Index, construction costs fell 1% to a value of 1177 from 2020’s first quarter.
The index measures costs in the United State’s non-residential building construction market, assessing factors such as labour rates, productivity, material prices and competitiveness. Attilio Rivetti, Turner Construction Company’s vice president, said: “Trade contractor competition has increased in many areas as they work to secure backlog due to uncertainty they have about future opportunities. “We expect the third quarter will serve to more clearly define the fluctuation of escalation of cost in the construction industry.”