We are seeing subcontractors and vendors seeking to combat the ongoing shortage of skilled labor by being more strategic and selective in heated markets.
New York, New York (PRWEB) October 07, 2016
Turner Construction Company announced that the Third Quarter 2016 Turner Building Cost Index—which measures costs in the non-residential building construction market in the United States—has increased to a value of 995. This represents a 1.22% increase from the Second Quarter 2016 and a 4.85% yearly increase from the Third Quarter 2015.
Construction activity experienced modest gains across the United States in the Third Quarter of 2016, with more significant increases in the Northwest and Southwest regions. Additionally, fuel pricing, always a factor in construction costs, continued to follow its seasonal adjustments, though still remain low.
“We are seeing subcontractors and vendors seeking to combat the ongoing shortage of skilled labor by being more strategic and selective in heated markets” said Attilio Rivetti, the Turner vice president responsible for the cost index. “And, while raw material prices increased slightly overall, they still remained relatively low as compared to past years.”
Turner has prepared the Building Cost Index for more than 80 years. Used widely by the construction industry and Federal and State governments, the building costs and price trends tracked by the Index may or may not reflect regional conditions in any given quarter. 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. This index does not necessarily conform to other published indices because others do not generally take all of these factors into account.
About Turner Construction Company
Turner is a North America-based, international construction services company. Founded in 1902, Turner first made its mark on the industry pioneering the use of steel-reinforced concrete for general building, which enabled the company to deliver safer, stronger, and more efficient buildings to clients. The company continues to embrace emerging technologies and offers an increasingly diverse set of services. With an annual construction volume of $11 billion, Turner is the largest builder in the United States, ranking first in the major market segments of the building construction field, including healthcare, education, sports, commercial, and green building. The firm is a subsidiary of HOCHTIEF, one of the world’s leading international construction service providers. For more information please visit http://www.turnerconstruction.com.