International property and construction consultancy firm Rider Levett Bucknall (RLB) has released its latest Quarterly Cost Report, providing an eye-opening perspective on the North American construction industry in 14 key markets.
The latest RLB quarterly cost report, with data current to mid-Q2 2024, shows that the national average increase in construction costs was 1.12 percent over the previous quarter. Boston, Chicago, Denver, Honolulu, Los Angeles, Portland, San Francisco, and Washington DC experienced increases over the national average this quarter. Denver, Las Vegas, New York, Phoenix, and Seattle experienced gains that were less than the national average.
“The construction industry continues to experience strong demand, but uncertainty is being fueled by high interest rates and increasing labor costs for the rest of 2024. The approaching presidential election and potential policy adjustments are also contributing to this uncertainty,” says Paul Brussow, President of RLB North America. “Nevertheless, overall growth in the construction sector is expected to remain positive this year.”
Quarterly Cost Report notes
· During Q2 2024, the U.S. national average increase in construction cost is approximately 1.12 percent; compared to 1.31 percent in the first quarter.
· Year-over-year, the U.S. national average increase in construction costs is approximately 5.41 percent; compared to 5.85 percent YOY in the first quarter.
· The construction unemployment rate is down slightly to 5.4 percent; down from 5.6 percent in the same period last year
· The Architectural Billings Index (ABI) is 42.4; a decrease of nearly 6 points over the previous month.
Read the complete QCR report here
About Rider Levett Bucknall
Rider Levett Bucknall is an award-winning international firm known for providing project management, construction cost consulting, sustainability solutions, and related property and construction advisory services—at all stages of the design and construction process. Rider Levett Bucknall’s North American practice has offices in 24 cities across the Americas. With more than 4,500 employees worldwide, Rider Levett Bucknall brings unparalleled value and service to its prestigious group of clients through its robust experience and high-level expertise. The firm enjoys a professional heritage that spans over 240 years, and it continues to be a global leader in the construction industry throughout the Americas, Africa, Asia, Europe, the Middle East, and Oceania.
For more information, visit www.rlb.com, and for the latest company news and construction cost trends, follow the firm on LinkedIn and X @rlbamericas.
<p>The post Q2 Construction Cost Report for North America by RLB first appeared on CCR-Mag.com.</p>
