{"id":41364,"date":"2018-05-15T09:20:42","date_gmt":"2018-05-15T08:20:42","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=41364"},"modified":"2018-05-15T09:20:42","modified_gmt":"2018-05-15T08:20:42","slug":"global-construction-costs-set-to-rise","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/global-construction-costs-set-to-rise\/41364\/","title":{"rendered":"Global construction costs set to rise"},"content":{"rendered":"

According to a new survey by Turner & Townsend, global construction costs are predicted to rise by 4.3% this year, with New York remaining the world\u2019s most expensive place to build<\/h2>\n

Almost half of the 46 cities studied are home to a large number of projects that are pushing up prices. Labour costs rocketed 10% In New York and the other top five most expensive cities to build in. New York\u2019s construction workers command an average of US $98.30 (~\u00a372.67) per hour.<\/p>\n

Turner & Townsend\u2019s International Construction Market Survey<\/a> is a study of construction costs for both commercial and residential projects in 46 global markets. San Francisco remains in second place, with Hong Kong and Zurich, Switzerland switching places from last year, to be third and fourth, respectively. London comes in fifth.<\/p>\n

Globally, Turner & Townsend\u2019s International Construction Market Survey forecasts that construction costs will rise by 4.3% as economic growth unlocks new projects in key markets \u2013 placing pressure on labour and resources.<\/p>\n

According to the report, 46% of the markets surveyed are shown to be heating up, compared to 33% in 2017.\u00a0 Warming markets are typically characterised by a large number of projects that are pushing up prices.<\/p>\n

In New York City, the average cost of construction in the city climbed 3.5% to US $3,900 per m2 (\u00a32,787) in 2018.<\/p>\n

Skills shortages<\/a> have been a major force behind cost escalation.\u00a0 The top five cities within the report have seen labour rates increase by 10% in the last year.\u00a0 Overall, 58.7% of markets within the survey report a skills shortage, with only three markets \u2013 Houston, Muscat and Sao Paolo \u2013 reporting a surplus of labour.<\/p>\n

The global trend towards higher construction costs has been offset only by Perth, Australia, and Muscat in Oman, where prices fell by 1% in 2017.\u00a0 Both cities have continued to see limited investment in new projects on the back of low commodity prices.<\/p>\n

The survey analyses input costs \u2013 such as labour and materials \u2013 and charts the average construction cost per m2\u00a0for commercial and residential projects in 46 markets around the world.\u00a0 In recognition of the growing importance of Asian markets, the 2018 report includes Shanghai, Jakarta and Ho Chi Minh City for the first time.<\/p>\n

Steve McGuckin, Global Head of Client Programmes at Turner & Townsend<\/a> said that fundamental changes were needed to the UK and global industry model to control costs: \u201cGlobal GDP growth of 3.9% is driving a resurgence in construction activity across international markets.\u00a0 While this uptick will inevitably push up costs, inflation is being exacerbated by skills shortages: put simply, we need to do more work with fewer workers.\u201d<\/p>\n

 <\/p>\n

\n<\/div>","protected":false},"excerpt":{"rendered":"

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