PHOENIX — International property and construction consultancy firm Rider Levett Bucknall (RLB) has released its latest Quarterly Cost Report, providing an eye-opening perspective on the North American construction industry in 14 key markets.
With current data from mid-Q4 2024, the latest RLB quarterly cost report shows that the national average increase in construction costs was 1.11 percent, similar to the previous two quarters, with Boston, Chicago, Honolulu, Las Vegas, Phoenix, Seattle, and Washington DC experiencing increases over the national average this quarter. Denver, Los Angeles, New York, Portland, and San Francisco experienced gains that were less than the national average.
“The construction industry’s resilience shines as we tackle market uncertainties with innovation, from stabilizing costs to embracing workforce development and technological integration,” says Paul Brussow, President of RLB North America. “While challenges persist, including inflation, tariffs, and labor shortages, our focus remains on creating new solutions and opportunities that will drive growth and ensure our continued success.”
Quarterly Cost Report notes
· The U.S. quarterly national average increase in construction cost is approximately 1.11 percent and 4.69 percent year-over-year
· The construction unemployment rate is 3.7 percent, down .1 percent in the same time period last year
· Following a twenty-month period of decline, the Architectural Billings Index (ABI) is 50.3 and shows a balance between firms with increased and decreased billings.
