Turner Construction Company announced that the First Quarter 2013 Turner Building Cost Index – which measures costs in the non-residential building construction market in the United States – has increased to a value of 849. This reflects a 1.19% increase from the Fourth Quarter 2012 and a 3.41% increase from the First Quarter 2012.
"The increase in private non-residential construction spending over the past year, material and equipment prices continuing to inch upwards, and a slight increase in labor rates has led to a boost in construction costs," said Karl F. Almstead, the Turner vice president responsible for the Turner Building Cost Index.
Approximately 90% of Turner's business is performed under contract arrangements where Turner provides extensive preconstruction planning services before the contract price is fixed and before construction starts. By providing preconstruction services and utilizing enhanced procurement strategies, Turner effectively manages the market risks associated with cost-related issues.
Turner has prepared the construction cost forecast for more than 80 years. Used widely by the construction industry and Federal and State governments, 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 of these factors into account.
About Turner Construction Company
Turner is a North America-based construction services company. Turner first made its mark on the industry pioneering the use of steel-reinforced concrete for general building, which enabled the company to deliver safer, stronger, and more efficient buildings to clients. The company continues to embrace emerging technologies, update and refine processes, and remain responsive to the needs of their employees, clients, and the communities it serves. With an annual construction volume of $8 billion Turner is the largest general builder in the United States. The firm is a subsidiary of HOCHTIEF, a publicly traded company, and one of the world's leading international construction service providers. For more information please visit www.turnerconstruction.com.
Related Stories
75 Top Building Products | Dec 16, 2019
Top Flooring Products for 2019
Tarkett’s aviation-inspired flooring collection and J+J Flooring’s textile composite flooring are among the four new commercial flooring products to make Building Design+Construction’s 2019 101 Top Products report.
75 Top Building Products | Dec 12, 2019
Top Building Envelope Products for 2019
Sto's beetle-inspired exterior coating and Dörken Systems' UV-resistant vapor-permeable barrier are among the 28 new building envelope products to make Building Design+Construction's 2019 101 Top Products report.
| Sep 13, 2019
ABC Supply Co. opens a branch in Sharonville, Ohio
ABC Supply Co. opens a branch in Sharonville, Ohio
Building Materials | Nov 9, 2018
As trade war heats up, long-term impact is anyone’s guess
Seven months into Trump’s trade war, the jury is still out.
Sponsored | Building Materials | Aug 17, 2018
Creating an identity for the New England Conservatory Student Life and Performance Center
The first New England Conservatory building to be added in 60 years presents a singular vision.
Sponsored | Building Materials | Aug 1, 2018
Building for now... and the future
Metal building systems are often selected for large-sized structures, and with good reason.
Office Buildings | Jul 25, 2018
New study on occupant comfort advances Saint Gobain’s design approach for renovation and new construction
The building products giant gauges its employees’ perceptions of old and new headquarters environments.
Great Solutions | Jul 13, 2018
Fungus may be the key to colonizing mars
A Cleveland-based architect and a NASA Ames researcher have a novel idea for building on Mars.
| May 30, 2018
Accelerate Live! talk: T3 mass timber office buildings
In this 15-minute talk at BD+C’s Accelerate Live! conference (May 10, 2018, Chicago), architect and mass timber design expert Steve Cavanaugh tells the story behind the nation’s newest—and largest—mass timber building: T3 in Minneapolis.
