Turner Construction Company has reported that its Turner Building Cost Index for Q3 2024, which tracks costs in the U.S. non-residential building sector, has risen to 1432. This marks a 0.77% increase from Q2 2024 and a 3.64% rise compared to Q3 2023.

"Material prices have remained relatively stable over the past two quarters of 2024, though mechanical and electrical equipment are still facing longer lead times and higher costs due to high demand," said Attilio Rivetti, Turner’s vice president responsible for compiling the Cost Index. "Additionally, certain regions are experiencing more significant cost increases driven by robust local construction activity and large-scale mega projects."

Turner has been tracking building costs for over 80 years. The Turner Building Cost Index reflects nationwide trends, factoring in labor rates, productivity, material prices, and market competitiveness. It may not align with other indices, as Turner’s methodology takes a more comprehensive set of factors into account.