Large Project Starts Continue to Lift Construction Activity
NEW YORK, Sept. 27, 2019 /PRNewswire-PRWeb/ -- Turner Construction Company announced that the Third Quarter 2019 Turner Building Cost Index--which measures costs in the non-residential building construction market in the United States--has increased to a value of 1162. This represents a 1.13% quarterly increase from the second quarter of 2019 and a 5.16% annual increase from the third quarter of 2018, respectively.
"Large project starts in a fairly busy construction market are continuing to impact availability of skilled labor. Many contractors are taking on work within the limits of their current in-house capacity. This has the potential to increase costs," said Attilio Rivetti, the Turner vice president responsible for compiling the Cost Index. Attilio continued, "Raw material costs have been relatively stable in the third quarter of 2019. As we move into the fourth quarter, there will be some uncertainty in the markets until issues around tariffs become more firmly settled."
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$12 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.
SOURCE Turner Construction Company
