Turner: Skilled-labor premiums offsetting minor materials cost decreases

Sources: Turner Construction Co., New York

The First Quarter 2016 Turner Building Cost Index, a key measurement of the U.S. nonresidential market, has increased 1.15 percent from the prior quarter to a value of 970. “The shortage of skilled labor is outweighing the impact of declining material prices,” says Turner Construction Vice President Attilio Rivetti, who compiles the Cost Index. “As the volume of work remains relatively high, we expect subcontractors to continue to be strategic in pursuits, ultimately resulting in upward cost pressures.”

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