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An update on US and Houston construction costs and delays

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HOUSTON - eTradeWire -- Our last report on this topic was July 2021, when we experienced a huge surge in construction costs and delays. The dust has settled a bit, but cost increases and delays continue to be problematic to anyone in the middle of or about to start a commercial or residential construction project. Turner Construction's Vice President, Atillio Rivetti, says "material and labor cost escalation continues to be driven by volatile fuel prices, instability in Europe and global supply chain impacts." With a shortage of skilled labor and uncertainty of prices for key materials, contractors are being more selective about the projects they pursue, avoiding riskier jobs.

"Some materials prices have fallen recently but others appear headed for further increases," said Ken Simonson, the American General Contractor Association's Chief Economist. "Producers of gypsum, concrete and other products have announced or implemented new increases. In addition, the supply chain remains fragile and persistent difficulties filling job openings mean construction costs are likely to remain elevated despite declines in some prices."

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"If clients are willing to select alternative materials and methods to aid with lead time concerns, we have been successful in keeping projects on schedule and on budget."
Colliers Houston Design + Construction Advisory Services

In this article, we will re-examine the average historical and current costs. As the following chart shows, the spread between bid prices and costs... Read the full report here: https://www.colliers.com/en/news/houston/an-update-on-us-and-houston-construction-costs-and-delays

Marilynne Clark

Source: Colliers | Houston
Filed Under: Real Estate

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