Modest increase in construction costs forecast in third-quarter 2012 Turner Building Cost Index

The third-quarter 2012 Turner Building Cost Index โ€“ which measures costs in the non-residential building construction market in the United States โ€“ has increased to a value of 832. This reflects a 0.73-percent increase from the second-quarter 2012 and 2.21-percent yearly increase from the third quarter 2011, according to Turner Construction Co.

โ€œA modest increase in construction costs over the last few months is driven by labor and material cost increases,โ€ Karl F. Almstead, the Turner vice president responsible for the Turner Building Cost Index, said in a written statement. โ€œMarket optimism also contributes to the moderate increase in costs.  However, any significant change in the market will require a change in the overall economy.โ€

 

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