By BEX Staff for AZBEX
Rider Levett Bucknall has released its latest Quarterly Cost Report, giving details for the North American construction industry in 14 key markets.
According to the announcement, “With data current to mid-Q2 2023, the latest RLB quarterly cost report shows that the national average increase in construction costs was 1.56% over the previous quarter, with Chicago, Denver, Las Vegas, and San Francisco experiencing increases over the national average this quarter. Boston, Honolulu, Las Angeles, Portland, Seattle, and Washington DC experienced gains that were less than the national average.”
The introduction by RLB President, North America Julian Anderson reports, “Nationally, construction cost escalation remains problematic, and in the most recent quarter, rose from 1.35% in the January quarter to 1.55% in the April quarter. However, the year-over-year rate fell from 8.11% to 7.22%, a sign of an overall downward trend.”
He added that there has been some softening of materials prices and that the New York Federal Reserve’s Global Supply Chain Index shows a sharp decrease in supply chain pressure.
Chicago saw the highest annual rate of change at 9.24%. At the opposite end, Honolulu’s rate was 4.54%. Six of the 14 markets saw rates in the 6% range. The Phoenix rate of change was 7.58%.