February 02, 2022
Turner Construction Company announced that the Turner Building Cost Index for the fourth quarter of 2021, which measures costs in the non-residential building construction market in the United States, reached the value of 1230. This represents a quarterly increase of 1, 91% compared to the third quarter of 2021. and an annual increase of 5.04% compared to the fourth quarter of 2020.
“While some materials prices appear to be showing signs of stabilizing, steel, copper and aluminum prices continue to rise. In addition, supply chain disruptions have continued at With contractor backlogs returning to pre-pandemic levels and skill shortages persisting, supplier and contractor competitiveness appears to be somewhat less aggressive compared to in early 2021,” said Attilio Rivetti, Turner vice president responsible for compiling the cost index.
Turner has been preparing construction cost forecasts for over 80 years. Construction costs and price trends tracked by the Turner Construction Cost Index may or may not reflect regional conditions in any given quarter. The cost index is determined by several factors considered nationwide, including labor rates and productivity, material prices and competitive market conditions. This index is not necessarily consistent with other published indices as these generally do not take all of these factors into account.
Click here to see the fourth quarter 2021 report.