Construction Industry Continues To Feel Impact of the COVID-19 Pandemic

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According to Turner Construction Company’s quarterly Building Cost Index, construction costs decreased for the second consecutive quarter

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Many of the projects that were paused or slowed earlier this year have ramped up and are back on track.

Turner Construction Company announced that the Third Quarter 2020 Turner Building Cost Index—which measures costs in the non-residential building construction market in the United States—has decreased to a value of 1171. This represents a (-0.51%) quarterly reduction from the Second Quarter 2020.

Attilio Rivetti, the Turner vice president responsible for compiling the Cost Index said, “The vast majority of construction projects were deemed essential business operations during the COVID-19 pandemic. Many of the projects that were paused or slowed earlier this year have ramped up and are back on track. We are witnessing minor increases for fabricated commercial building materials, which is being offset as we continue to see subcontractor competitiveness increasing in efforts to secure backlog for their business.”

Turner has prepared the construction cost forecast for more than 80 years. The building costs and price trends tracked by the Turner Building Cost 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 an 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 US $15 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, an engineering-led global infrastructure group. For more information, please visit http://www.turnerconstruction.com.

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Christopher McFadden
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Turner Construction Company
since: 03/2012
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