Construction costs continue to rise

Construction costs in the U.S. in the fourth quarter of 2007 increased
by 1.51 percent from the previous quarter, and were up 7.09 percent
over last year’s fourth quarter, according to the Turner Building Cost
Index, an industry standard measured by the Turner Construction
Company. The price increase has been driven by a scarcity of labor, an
increase in energy costs, and higher demand for construction resources
in the global market, the report said. The Building Cost Index also
found that while the subprime crisis has hurt building in the
residential sector, the non-residential construction market remains
strong. TRD