Construction costs are up 1.55% from Q2; compared to 6.49% year-over-year.
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With data current to mid-Q3 2023, the latest RLB quarterly cost report shows that the national average increase in construction costs was 1.55 percent over the previous quarter, with Chicago, Honolulu, Las Vegas, New York, Portland and Seattle all experiencing increases over the national average this quarter. Boston, Denver, Los Angeles, Phoenix, San Francisco, and Washington, D.C. experienced gains that were less than the national average.
“The current economic situation has many feeling like they are playing a chess match with no endgame. The pieces on the economic board may still be shifting, but forward-looking enterprises still have an opportunity to position themselves for a stronger, more secure financial future.”
Julian Anderson, FRICS, President of RLB North America.
A few key insights:
The chart below shows a comparative map of the annual percentage change for the U.S.
The U.S. quarterly national average increase in construction cost is approximately 1.55 percent, compared to 6.49 percent year-over-year, or 6.2 percent annualized.
The construction unemployment rate is down slightly to 3.6 percent from 3.7 percent in the same period last year.
The Architectural Billings Index (ABI) in July was 50.0, remaining flat from the previous month.
