Construction Costs on the Rise

A quick search of news outlets or the Internet confirms what most of us already could sense, construction costs are on the rise.  The projections seem to agree that in 2016, the annualized rate of that increase could be as high as 4%.  This news is probably not truly “news” as much as it is an affirmation.  Developers, commercial and residential, will need to factor rising labor and material costs in their upcoming projects.  The same applies to public bodies planning for construction of schools, highways and other public projects.  The good news is that the rising labor prices are a result of improving employment within the construction industry.  Skilled labor is once again in short supply which, after the troubles of the not too distant past, really is good news.  See the links below for more detailed information:

http://www.homeadvisor.com/cost/architects-and-engineers/build-a-house/

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