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
| Jan 8, 2013
Group releases safety and building codes from 24 countries
Public.Resource.Org released 10,062 public safety documents including building codes covering 24 countries and 6 regions.
| Jan 8, 2013
Montana developing high-performance building standards for state projects
The Montana Department of Administration is developing a single building standard for all state facilities, and hopes to have a plan in place this spring.
| Jan 4, 2013
AGC economist says "fiscal cliff" deal will give construction a boost
The deal in Congress to avoid going over the so-called fiscal cliff "should encourage many businesses to go ahead with projects they have held in reserve," said Ken Simonson, chief economist of the Associated General Contractors of America.
| Jan 4, 2013
California standards on furnishings, insulation to be revised
California is revising the state’s standards on interior furniture and insulation to maintain or improve fire safety while reducing or eliminating the use of toxic chemicals.
| Jan 4, 2013
Tilt-Up Concrete Association releases new temporary wind bracing guidelines
The Tilt-Up Concrete Association has released revised guidelines on Temporary Wind Bracing of Tilt-Up Concrete Panels During Construction.
| Jan 4, 2013
San Diego office tower to be America's biggest net-zero building
The 13-floor, 415,000 sf La Jolla Commons II office tower in San Diego will be the largest building in the U.S. built to the net-zero standard upon completion in 2014, according to real estate firm Hines.
| Jan 4, 2013
Manchester, England building achieves highest BREEAM rating in U.K.
One Angel Square in Manchester, England, is the highest scoring outstanding building for the Building Research Establishment Environmental Assessment Method (BREEAM) in the U.K.
| Dec 27, 2012
Pentagon eases leasing standards established in 9/11 aftermath
The Pentagon has eliminated the stringent real estate leasing standards it put into place following the Sept. 11, 2001, terrorist attacks, reverting back to a version widely used by federal civilian agencies.
| Dec 27, 2012
Google provides USGBC with $3 million grant to transform building materials industry and indoor health
Google has contributed a $3 million grant to the U.S. Green Building Council (USGBC) to help transform the building materials industry and accelerate the creation of healthier indoor environments.
| Dec 27, 2012
Former industrial French city reshapes itself according to ambitious green standards
Nantes has a strong commitment to address challenges such as urban sprawl and carbon dioxide emissions.