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Crane Index and Quarterly Cost Report Reveals Eye-Opening Stats
International property and construction consultancy firm Rider Levett Bucknall (RLB) recently released its latest Crane Index and Quarterly Cost Report. Together, the two documents provide an eye-opening perspective on the North American construction industry in 14 key markets.
As of July 1, 2021, the latest RLB quarterly cost report shows the national average increase in construction costs was 1.51 percent. Boston, Los Angeles, Seattle and Washington, D.C. all experienced increases greater than the national average while Chicago, Denver, Honolulu, Las Vegas, New York, Phoenix, Portland and San Francisco showed fewer gains than the national average.
With materials prices continuing to increase and construction starts down across most sectors, the pressure is on contractors to bid competitively.
“Since July 2020, contractor’s bid prices have grown 4.4 percent, while over the same period of time, the producer price index has increased to 25.6 percent,” said Julian Anderson, president of RLB North America. “This has significant implications for the construction business as well as other AEC industries.”
- ◦Development
