What’s Driving Construction Cost Increases

The quarterly national average increase in construction costs in the fourth quarter was stable at 1.11 percent, clocking in at 4.69 percent year-over-year, according to Rider Levett Bucknall’s latest report, which surveys 14 key markets. Michael L. Webb shared his insight with Commercial Property Executive on the potential impacts this could have on housing in New York State.

From the article:

“Nationally, but particularly in our region, there is a well-documented shortage of all forms of housing, including multifamily. Hopefully, stabilizing construction costs will spur developers to tackle and commence construction of all housing categories in 2025 to help balance the supply-demand equation.”

Read the full article here:

What’s Driving Construction Cost Increases – Commercial Property Executive