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Over the past 12 months, (bid) construction costs jumped by 7.42 percent in North America, according to Rider Levett Bucknall‘s construction cost report for the fourth quarter of 2021. Those cost increases are reminiscent of the ones the industry saw at the start of the global financial crisis in 2007, RLB stated.

Among the 12 cities the report tracks, full-year increases ranged from 4.1 percent in Honolulu and 4.43 percent in Denver to 9.11 percent in Washington, D.C., and 10.09 percent in Seattle.

鈥淚t can be argued that some of the increase in 2021 may simply be catching up on the low rate of increase in 2020, but it is more likely a reaction to the combination of the labor shortages and supply chain issues that the industry has encountered,鈥� stated Julian Anderson, president of Rider Levett Bucknall North America.

鈥淚n my opinion, while 2022 should be less frenetic than 2020 and 2021,鈥� he added, 鈥渋t is unlikely that we will see any relief from the current high rate of cost increases until some of the heat goes out of the economy.鈥�

Market highlights

• RLB reports that from July 1, 2021 to October 1, 2021, the U.S. national average increase in construction costs was approximately 1.50 percent (7.42 percent annualized)
• Seattle (5 percent), Boston (2.66 percent), Chicago (2.28 percent), San Francisco (1.99 percent) and New York (1.92 percent) saw cost increases above the national average during the fourth quarter
• Los Angeles (1.39 percent), Las Vegas (1.35 percent), Denver (1.34 percent), Portland (1.33 percent), Phoenix (1.21 percent), Honolulu (0.94 percent) and Washington, D.C. (0.37 percent) saw cost increases below the national average during the fourth quarter

Key fiscal barometers

• The U.S. Consumer Price Index (CPI) showed a year-over-year increase of 5.38 percent
• The U.S. gross domestic product (GDP) increased at an annual rate of 2.1 percent in the third quarter of 2021, following a rate of 6.7 percent in the second quarter

鈥� In October, the Architecture Billings Index (ABI) dipped to 54.3 from 56.6 in September