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Originally published on August 30, 2022 by Michael Tucker for the Mortgage Banker's Association.
CBRE, Dallas, said it expects U.S. construction costs to jump 14.1 percent year-over-year by year-end due to pressures including labor shortages, inflation, supply chain disruptions, pandemic reverberations, and the war in Ukraine.
“The increase likely will be the largest in several years,” CBRE said in its latest U.S. Construction Cost Trends report. The firm’s projected 2022 increase exceeds last year’s 11.5 percent rise and well outpaces the historical average gain of 2 percent to 4 percent per year. “The anticipated 2022 gain is the largest since CBRE began tracking cost projections in 2007.”
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