Markets

At All Costs: Construction Costs Stabilize

Gordian has updated City Cost Index and RSMeans database of key building materials.
By Rachel E. Pelovitz
November 29, 2022
Topics
Markets

Construction costs are finally beginning to stabilize, according to Gordian’s updates to its City Cost Index and RSMeans database of key building materials.

Data findings include:

  • Lumber prices in most categories have declined an average of 10% from peaks in Q2, although national prices in Q3 remain significantly higher than their pre-pandemic levels.
  • Interior install categories, such as paint, flooring and tile, declined an average of 6% over the last quarter.
  • Metal prices advanced slightly in Q3, although there are signs that many categories, such as copper, may decline in future quarters.
  • Drywall prices continued surging over the last two quarters, with average prices up nearly 23% from 2021.
  • Labor rates are up across the United States over the last 12 months, showing an average 6% to 8% growth from 2021 to 2022.

For more information, visit gordian.com.

by Rachel E. Pelovitz

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