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Building Costs Increase for Q2, Turner Construction Says

Turner Construction announced it's building costs have increased due to a shortage of skilled labor in numerous markets.

Posted July 25, 2023

Kansas City-based Turner Construction announced the company’s building costs have increased, sighting a lack of labor in numerous markets as a leading cause.

The construction company stated the Second Quarter 2023 Turner Building Cost Index—which measures costs in the non-residential building construction market in the United States—had increased to the value of 1365. A 1.19 percent quarterly increase compared to Q4 2022 and a 6.39 percent yearly increase from Q2 2022.

“Certain geographic regions are experiencing robust markets as large industrial, data center and energy-related projects move forward. These regions are experiencing above-average increases in wage rates. Promoting job opportunities in growing markets and offering attractive work environments for the workforce alleviates some of the pressure in a tight labor market,” Vice President, director of preconstruction & estimating of Turner Construction Attilio Rivetti said. “Early coordination and participation of trade contractors and suppliers serve to mitigate the impact of long lead times for equipment on construction schedules.”

View the full press release, here.