Construction costs since 2020

Total Construction Cost means the sum of site costs, structures costs, general requirements, bond premiums, and contractor overhead and profit.

Jun 1, 2023About 82.5% of construction materials experienced a significant cost increase since 2020, with an average jump of 19%, according to a

How much does it cost to build a house in 2021?

When using non-localized, national average cost data for 2021, the total estimated cost comes to $12

1 million

When updating to 2022 data, the cost jumps to $13

2 million, meaning that the identical structure would cost a builder over $1

1 million more on average this year

If you’re planning on developing in the next few years, it’s important to be aware of the following construction costs trend

According to industry experts, the national average cost of construction projects is set to rise throughout 2022

There are several reasons for this increase and numerous challenges, which we’ll explore in this blog post

The price of softwood lumber increased by 13% from January 2021 to April 2021, and it is anticipated to rise in the next few months

The price of several other building materials, such as asphalt, brick, and stone, has also risen in recent months

As the cost of building materials continues to rise, so will the cost of construction

When looking at year-over-year costs, 93% of the construction materials, equipment and labor rates in the RSMeans database ch…