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
| Sep 11, 2013
White paper examines Joint Commission requirements for NFPA codes in healthcare
The healthcare industry has experienced great attention from The Joint Commission concerning fire and life safety issues.
| Sep 11, 2013
San Francisco expected to drop firefighter air tank refilling station rule for skyscrapers
San Francisco is poised to drop a requirement that skyscrapers have refill stations so firefighters can recharge their air tanks during a blaze. The city has required that new high-rises have the air refill systems for about ten years.
| Sep 5, 2013
State legislatures continue to raise the bar on green school construction
Since the beginning of 2013, the USGBC has followed more than 125 bills across 34 states that seek to advance healthy, high-performing schools.
| Sep 5, 2013
Construction industry groups create coalition to respond to new OSHA silica rule
A group of 11 construction trade associations has created the Construction Industry Safety Coalition in response to the Occupational Safety and Health Administration’s (OSHA) proposed rule on silica for the construction industry.
| Sep 5, 2013
Red tape delays California county jail construction projects
California authorized $1.2 billion for jail construction in 2007, but not a single county in the state has completed a jail project since then.
| Sep 5, 2013
New CM-at-risk and design-build options create controversy in Ohio
Some contractors say Ohio's new system puts small and midsize construction companies at a disadvantage.
| Sep 5, 2013
Outdated codes slowed disaster recovery in Tuscaloosa, Ala.
Outdated building codes and lack of a master plan slowed the initial rebuilding stage after a devastating tornado leveled parts of Tuscaloosa, Ala. in 2011, according to the city’s mayor.
| Aug 28, 2013
Building collapse prompts legislation to beef up demolition regulations in Philadelphia
Philadelphia City Council will introduce legislation next month to strengthen the regulation of building demolition practices.
| Aug 28, 2013
Rules requiring contractors to boost hiring of veterans criticized
Some businesses are pushing back against proposed rules requiring federal contractors to step up their hiring of returning military service personnel.
| Aug 28, 2013
OSHA moves to reduced exposure to crystalline silica
Under a proposal from the Occupational Safety and Health Administration, the new permissible exposure limit to crystalline silica per cubic meter of air could be changed from 250 micrograms to 50 micrograms.