Turner Construction Company announced that the Second Quarter 2013 Turner Building Cost Index – which measures costs in the non-residential building construction market in the United States – has increased to a value of 859. This reflects a 1.18% increase from the First Quarter 2013 and 4.00% yearly increase from the Second Quarter 2012.
"Larger urban markets appear to be expanding more rapidly than other regions. Contributing to the increase in construction costs is the limited capacity among those trade contractors with the available resources to manage and work on large, complex projects," said Karl F. Almstead, the Turner vice president in charge of the Cost Index. He continued, "While lower global demand is maintaining downward pressure on material and equipment costs, there is upward pressure on specialty equipment and material costs in growing building types such as data centers."
Approximately 90% of Turner's business is performed under contract arrangements where Turner provides extensive preconstruction planning services before the contract price is fixed and before construction starts. By providing preconstruction services and utilizing enhanced procurement strategies, Turner effectively manages the market risks associated with cost-related issues.
Turner has prepared the construction cost forecast for more than 80 years. Used widely by the construction industry and Federal and State governments, 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 a North America-based, 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 $9 billion Turner is the largest builder in the United States, ranking first or second 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, a publicly traded company, and one of the world's leading international construction service providers. For more information please visit www.turnerconstruction.com.
About HOCHTIEF
HOCHTIEF is one of the leading international providers of construction-related services. With more than 80,000 employees and a sales volume of EUR 23.28 billion in FY 2011, the company is represented in all the world's major markets. With its core competencies in development, building and operation, the Group delivers services for the entire life cycle of infrastructure projects, real estate and facilities. The focus of the related business activities is on four strategic areas: energy infrastructure, transportation infrastructure, major cities, and resources. With its subsidiary Leighton (HOCHTIEF share around 54 percent), the Group is market leader in Australia. In the USA, the biggest construction market in the world, HOCHTIEF is the No. 1 general builder via its subsidiary Turner and, with Group company Flatiron, ranks among the most important players in the field of transportation infrastructure construction. Because of its engagement for sustainability, HOCHTIEF has been listed in the Dow Jones Sustainability Indexes since 2006. Further information is available at www.hochtief.com/press.
Related Stories
| Mar 1, 2012
Aragon Construction completes 67,000-sf build-out in NYC
Aragon constructed the space in partnership with Milo Kleinberg Design Associates, (MKDA) and the Craven Corp. as the owner’s representative.
| Mar 1, 2012
Bomel completes design-build parking complex at U.C. San Diego
The $24-million facility, which fits into a canyon setting on the university’s East Campus, includes 1,200 stalls in two adjoining garages and a soccer field on a top level.
| Mar 1, 2012
Eidco Construction bolsters Chicago office
Eldco hires Peterson and Vivoda as senior project managers.
| Mar 1, 2012
Reconstruction of L.A.’s Dunbar Hotel underway
Withee Malcolm Architects’ designs for the project include the complete renovation of the Dunbar Hotel and the Somerville Apartments I and II.
| Feb 29, 2012
C.W. Driver opens new office, appoints Castillo regional SVP
Castillo will oversee projects with new and existing clients in northern California within the areas of education, healthcare/biomedical, public sector, military contracting, entertainment, retail, corporate and hospitality.
| Feb 29, 2012
Report says BIPV glass market to reach $6.4 billion by 2016
The report analyzes the opportunities for BIPV glass products using c-Si, thin-film and OPV/DSC materials and provides eight-year forecasts in terms of MW and square footage shipped as well as forecasts of revenue generated.
| Feb 29, 2012
Construction begins on Keller Army Community Hospital addition
The 51,000 square foot addition will become the home for optometry, ophthalmology, physical therapy, and orthopedics clinics, as well as provide TRICARE office space.
| Feb 29, 2012
Carvalho appointed Shawmut Safety Director
He has been a driving force behind multiple safety-orientated initiatives at Shawmut, including Safety Week, the creation of an online safety manual, and the implementation of a new safety reporting and tracking system.
| Feb 29, 2012
Shepley Bulfinch selected to design new Children’s Hospital of Buffalo
The firm was selected because of their past experience in designing clinically complex facilities that emphasize patient- and family-centered care and operational efficiency as well as distinctive architectural forms for many other children's and women's hospitals.
| Feb 28, 2012
Roofing contractors recognized for workmanship
Sika Sarnafil announces Project of the Year winners; competition highlights visually stunning, energy efficient, and sustainable roofs.