Construction costs to increase in 4Q

Real Estate Weekly,  Dec 11, 2002  

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The Turner Corporation announced that construction costs in the fourth quarter of 2002 are projected to increase 0.16% from the third quarter of 2002.

According to the Turner Building Cost Index, the fourth quarter 2002 index will increase to 620, one point above the third quarter of 2002 and 0.65% above the fourth quarter of 2001.

According to Karl F. Almstead, the Turner vice president responsible for the Building Cost Index: "There is an increasing competitiveness for available projects in most geographic markets. The pricing pressures are offsetting any slight increases in labor and material costs. Growing concerns over the ability of the economy to bounce back are dampening the optimism that has existed in the industry."

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