Construction costs expected to rise in third quarter

According to the Turner Building Cost Index, construction costs in the third quarter of 2002 are projected to increase 0.16% from the second quarter. The third quarter index will increase to 619, one point above the second quarter figure and 0.81% above the third quarter 2001 index of 614.

According to Karl F. Almstead, vice president with Dallas-based Turner Corp, which publishes the cost index, "In general, the market appears to be finding an equilibrium. The competitive market forces are offset by a slight upward pressure of increases in labor and materials. The industry is maintaining a cautious optimism, even though many market segments have not yet rebounded significantly. Several sectors, such as education and health care, have remained strong."
(Turner Cost Index, Sept. 4, 2002)