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 | Feb 9, 2021
New Jersey approves new electric vehicle-ready home requirement
Homebuyers must be given option for charging station on new construction.
Codes and Standards | Feb 9, 2021
New California law removes barriers to residential development
Measure removes restrictions for ADUs in urban areas and master planned communities.
Codes and Standards | Feb 8, 2021
Alliance yields more accurate data for rating and certifying systems of construction materials
Crosswalk API offers trusted format to specify and procure healthier products.
Codes and Standards | Feb 4, 2021
2021 IBC requires automatic doors for entrances to public buildings
One door must be either a full power-operated door or a low-energy power-operated door.
Codes and Standards | Feb 3, 2021
Two new International Code Council online code tools released
Offer detailed information about global building code usage and U.S. adoptions.
Codes and Standards | Feb 2, 2021
Biden tells OSHA to bolster COVID-19 safety rules
Order could lead to a national playbook for fighting COVID-19 on jobsites.
Codes and Standards | Feb 1, 2021
Fenestration Alliance updates standard for mulled combination assemblies
Last updated in 2010, document describes procedures and requirements for air leakage, water resistance, and structural performance.
Codes and Standards | Jan 28, 2021
Natl. Fire Protection Assn. releases new energy storage system fact sheet
Comes as Biden Administration prepares ambitious clean energy agenda.
Codes and Standards | Jan 27, 2021
AECOM sues insurance carrier for payment of COVID-19 property damage claims
Claims ‘all-risk policies’ should have included millions of dollars of losses due to virus.
Codes and Standards | Jan 26, 2021
Updated guide to repair and rehabilitate existing concrete structures published
Document assesses how to adhere to code requirements.