Construction Costs Rise 8% In NYC As New Project Filings Drop
Supply chain issues and employment costs are pushing construction costs higher in New York City than in other U.S. markets, according to a new report from construction consultant Rider Levett Bucknall.
NYC has seen an 8% increase in construction costs compared to a year ago, according to Commercial Observer, which first reported the RLB study. Across the five boroughs, total construction costs grew by 2.7% over the past quarter, faster than the 2.4% national average.
