Construction Costs Rise in Late 2024: Turner Index Reports

Turner Construction Company announced that the Fourth Quarter 2024 Turner Building Cost Index—which measures costs in the non-residential building construction market in the United States—had increased to the value of 1442. This represents a 0.70% quarterly increase from the Third Quarter 2024 and a 3.33% yearly increase from the Fourth Quarter 2023.

“Construction activity overall remained relatively stable through the fourth quarter for 2024,” said Attilio Rivetti, the Turner vice president responsible for compiling the Cost Index. Attilio continued, “The construction industry in the United States continues to exhibit resilience, with sustained activity levels and strong engagement from trade partners.”

Turner has prepared the construction cost forecast for more than 80 years. 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 these factors into account.