New Quarterly Cost Report Charts Construction Trends in Cities Throughout North America
With data current to mid-Q3 2022, the latest RLB quarterly cost report shows that the national average increase in construction costs was approximately 2.24 percent for the quarter with Chicago, Phoenix, Portland, and Seattle all experiencing increases over the national average this quarter. Boston, Denver, Honolulu, Las Vegas, Los Angeles, New York, San Francisco, and Washington, DC experienced gains less than the national average.
A few key highlights:
- The U.S. quarterly national average increase in construction cost is approximately 2.24 percent, compared to 1.51 percent year-over-year
- The construction unemployment rate returns to pre-pandemic numbers of 3.7percent, down from 7.5 percent in Q2 this time last year
- The Architectural Billings Index (ABI) returns to a modest pace of 53.2