Turner Construction: Rate of Decline in Building Construction Costs is Slowing
Non-residential building construction costs in the United States decreased by 2.03 percent from the second quarter of 2009, according to the Third Quarter 2009 Turner Building Cost Index.
Non-residential building construction costs in the United States decreased by 2.03 percent from the second quarter of 2009, according to the Third Quarter 2009 Turner Building Cost Index.
While construction costs have decreased by 10.77 percent since the beginning of the year, indicators show that the decline is slowing in the third quarter.
The Turner Building Cost Index number for the third quarter of 2009 is 820. It was 837 in the second quarter and 866 in the first 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.
“With construction starts down in most sectors, market competition continues to drive declines in construction costs,” says Karl Almstead, Turner Construction Company vice president. “However, global and domestic economies appear to be stabilizing.”
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