The company cited the pricing pressures of the past year as the reason building construction costs are being pushed higher. Also, the high demand for labor and the existing backlog in the commercial market remain the major factors in pricing structures.
Turner has made its quarterly forecast for more than 50 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-labor raters and productivity, material prices, and the competitive condition of the marketplace.