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Turner Construction: Construction Costs Are Forecasted to Decline Further in First Quarter 2010
The First Quarter 2010 Turner Building Cost Index, which measures non-residential building construction costs in the United States, has decreased by 0.5 percent from the fourth quarter of 2009 and decreased 7.74 percent from the first quarter of 2009.
The Turner Building Cost Index value for the first quarter of 2010 is 799. Construction costs have decreased by 13.06 percent since their peak at the end of 2008.
“While there are signs of recovery in the economy, the construction industry trails the broader economy due to the time required for project planning and design,” says Karl Almstead, Turner Construction Company vice president. “As the economic recovery strengthens, increased activity in project planning will provide an indication that the rebound in the construction industry is underway.”
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.