Several U.S. cities rank in the top 10 most expensive urban areas for building construction worldwide, according to a survey by global professional services company Turner & Townsend.
After Tokyo, the costliest construction market at $4,002 per sqm, and Hong Kong, at $3,894 per sqm, San Francisco ($3,720 per sqm) took the bronze. New York ($3,511 per sqm) was close behind, followed by Boston ($3,375 per sqm), Los Angeles ($3,186 per sqm), and Chicago ($2,935 per sqm).
Rising costs across all 11 U.S. markets surveyed are likely to be sustained through 2021, 2022, and 2023, according to Turner & Townsend’s forecasts. The inflation rate in San Francisco, which grew by 3.5% in 2020, is expected to reach 5% through 2022 and 2023.
The principal driver for rising costs is anticipated to be rising infrastructure spending, following President Biden’s plans to commit 1% of GDP into areas including transportation, utilities, broadband networks, and renewable energy, over eight years.
Related Stories
Codes and Standards | Apr 18, 2016
ASHRAE releases proposed energy standard for historic buildings
Designed to balance with preservation requirements.
Codes and Standards | Apr 13, 2016
Canadian city fines itself for failing to get a building permit for building renovation
Guelph, Ontario, will pay a $1,125 fine to the province.
Codes and Standards | Apr 12, 2016
Construction trade groups sue OSHA over silica rule
Cite concerns about technological and economic feasibility.
Codes and Standards | Apr 11, 2016
New LEED 2009 projects will have to meet increased minimum energy performance
New requirements went into effect April 8.
Wood | Apr 8, 2016
New LEED Pilot ACP designed to help eliminate irresponsibly sourced materials
Illegal wood is primary target to restrict illicit material in the supply chain.
Lighting | Apr 5, 2016
Lighting requirements for high-rise dwellings proposed for energy standard
The requirements would effectively eliminate incandescent and halogen bulbs.
Steel Buildings | Apr 4, 2016
AISI publishes Cold-Formed Steel Framing Design Guide, 2016 Edition
Updates 2007 edition; includes five comprehensive design examples.
Data Centers | Apr 1, 2016
ASHRAE releases publication on the impact of IT equipment on data center design
The book offers advice for designing structures in the fast-changing data center industry.
Codes and Standards | Mar 28, 2016
Occupant egress simulations that impact codes fall short, researchers say
Building evacuations in emergencies are too dangerous as a result.
School Construction | Mar 28, 2016
National report on school buildings reports $46 billion annual funding shortfall
Millions of students said to be learning in obsolete facilities.