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Turner Building Cost Index at its Lowest Level since Third Quarter of 2006
The Second Quarter 2010 Turner Building Cost Index continues to show declining costs in the non-residential building construction market in the United States. The Turner Building Cost Index is forecasting a decrease in construction costs of 0.13 percent from the first quarter of 2010 and a decrease of 4.66 percent from the second quarter of 2009.
Since its peak at the end of 2008, construction costs have fallen by 13.16 percent. The Turner Building Cost Index value for the second quarter of 2010 is 798, the index’s lowest level since the third quarter of 2006.
“While commercial and institutional markets continue to be restrained, the demand for construction-related commodities in the global market, combined with manufacturers’ efforts to remain profitable, has resulted in the upward pricing pressure on selective materials,” says Karl Almstead, Turner Construction Company vice president. “The cost of labor in the commercial and institutional markets has generally remained steady in most areas of the country.”
The Cost Index is determined by several factors considered on a nationwide basis, including labor rates and productivity, material prices and the competitive condition of the marketplace.