in the U.S., continues to outpace the nation for construction cost increases, according to Mortenson's third quarter Construction Cost Index report.
Although material pricing increased substantially in the past two years due to supply chain and labor challenges, some material costs are stabilizing, while others are still going up, experts say. Material pricing has started to level off, but high shipping costs, product lead times and materials shortages are still challenges for the U.S. construction industry, the Mortenson report said.
Building construction employment in the Valley totaled 29,500 as of September 2022, which is an increase of 100 jobs compared to the same time last year, according to Bureau of Labor Statistics data cited by Mortenson, which said worker shortages are likely to persist into 2023. Martin said he also expects to see softening in material pricing due to a decrease in demand in the next six months as a result of the uptick in current costs and inflation, which has"In the past couple years, the cost of construction was high, but the cost of land, the cost of debt was still reasonable, so [developers] could make it work, but now all three of those factors are high," Martin said.
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