Search
 

Third-Quarter Construction Costs 1.2% Higher than Second Quarter

DALLAS-The nation's brisk construction market is pushing the envelope for labor and some material costs, skyrocketing prices in certain metropolitan markets, according to the third-quarter Turner Building Cost Index.

By Connie Gore | Updated on September 26, 2000

DALLAS-The nation’s brisk construction market is pushing the envelope for labor and some material costs, skyrocketing prices in certain metropolitan markets, according to the third-quarter Turner Building Cost Index.

The quarterly index is a gauge that has been used for more than 50 years by the construction industry and Federal and state governments to keep tabs on building costs and price trends. The Cost Index takes into consideration labor rates and productivity, material prices and competitive conditions. “Theoretically, things cost six times as much now as they did in 1967,” says Karl F. Almstead, Turner Construction Co. vice president of estimating and preconstruction services who has calculated the quarterly reports since 1997.

The Dallas-based Turner Corp. says third-quarter costs rose 1.2% from this year’s second quarter and are 4.54% higher than third quarter 1999. The Cost Index for the third quarter will rise to 599, seven points above the second-quarter recording.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.