The recently released International Construction Costs report, published by Arcadis, details the relative cost of building in 44 of the world’s major cities across 13 building types.
As part of the report, the top 10 most expensive cities in the world to build in are outlined, and a U.S. city is at the top of the list. New York led the way among all cities for construction costs, according to the report.
“New York rises to the top globally once again due to a lack of real estate availability, accessibility issues, and high real estate prices,” says David Hudd, Arcadis Cost and Commercial Director, in a release. ‘To build in such a dense urban environment like New York City, you must find solutions to control costs, such as expertly handling storage, transport and staging of building materials, identifying skilled construction firms and labor far in advance, and implementing modularized construction.”
New York isn’t showing any signs of slowing down either in terms of construction costs. The city is expected to remain the most expensive to build in into 2017 and beyond as large-scale construction projects and international investors drive development. The Big Apple is almost 50% more expensive to build in than the national average and is even 20% higher than other major and expensive cities such as Chicago, Los Angeles, Seattle, and Boston.
For the U.S., San Francisco is the second most expensive city to build in because of its cramped environment, rigorous seismic requirements, and competition for contractors.
In terms of worldwide construction costs, Hong Kong is in second place, followed by Geneva, London, and Macau. The entire top 10 list is as follows:
- New York
- Hong Kong
- Geneva
- London
- Macau
- Copenhagen
- Stockholm
- Frankfurt
- Paris
- Vienna
For the full report, click here.
Related Stories
Urban Planning | Oct 12, 2023
Top 10 'future-ready' cities
With rising climate dilemmas, breakthroughs in technology, and aging infrastructure, the needs of our cities cannot be solved with a single silver bullet. This Point2 report compared the country's top cities over a variety of metrics.
Higher Education | Oct 10, 2023
Tracking the carbon footprint of higher education campuses in the era of online learning
With more effective use of their facilities, streamlining of administration, and thoughtful adoption of high-quality online learning, colleges and universities can raise enrollment by at least 30%, reducing their carbon footprint per student by 11% and lowering their cost per student by 15% with the same level of instruction and better student support.
Architects | Oct 4, 2023
Architects and contractors underestimate cyberattack risk
Design and construction industry firms underestimate their vulnerability to cyberattacks, according to a new report, Data Resilience in Design and Construction: How Digital Discipline Builds Stronger Firms by Dodge Construction Network and content security and management company Egnyte.
Building Materials | Oct 2, 2023
Purdue engineers develop intelligent architected materials
Purdue University civil engineers have developed innovative materials that can dissipate energy caused by various physical stresses without sustaining permanent damage.
Giants 400 | Sep 28, 2023
Top 100 University Building Construction Firms for 2023
Turner Construction, Whiting-Turner Contracting Co., STO Building Group, Suffolk Construction, and Skanska USA top BD+C's ranking of the nation's largest university sector contractors and construction management firms for 2023, as reported in Building Design+Construction's 2023 Giants 400 Report. Note: This ranking includes revenue for all university/college-related buildings except student residence halls, sports/recreation facilities, laboratories, S+T-related buildings, parking facilities, and performing arts centers (revenue for those buildings are reported in their respective Giants 400 ranking).
Construction Costs | Sep 28, 2023
U.S. construction market moves toward building material price stabilization
The newly released Quarterly Construction Cost Insights Report for Q3 2023 from Gordian reveals material costs remain high compared to prior years, but there is a move towards price stabilization for building and construction materials after years of significant fluctuations. In this report, top industry experts from Gordian, as well as from Gilbane, McCarthy Building Companies, and DPR Construction weigh in on the overall trends seen for construction material costs, and offer innovative solutions to navigate this terrain.
Multifamily Housing | Sep 26, 2023
Midwest metros see greatest rent increase in September 2023
While the median monthly price of rent has increased by 0.71% in August, the year-over-year estimates show a national change of -0.06 percent.
Data Centers | Sep 21, 2023
North American data center construction rises 25% to record high in first half of 2023, driven by growth of artificial intelligence
CBRE’s latest North American Data Center Trends Report found there is 2,287.6 megawatts (MW) of data center supply currently under construction in primary markets, reaching a new all-time high with more than 70% already preleased.
Data Centers | Sep 15, 2023
Power constraints are restricting data center market growth
There is record global demand for new data centers, but availability of power is hampering market growth. That’s one of the key findings from a new CBRE report: Global Data Center Trends 2023.
Contractors | Sep 12, 2023
The average U.S. contractor has 9.2 months worth of construction work in the pipeline, as of August 2023
Associated Builders and Contractors' Construction Backlog Indicator declined to 9.2 months in August, down 0.1 month, according to an ABC member survey conducted from Aug. 21 to Sept. 6. The reading is 0.5 months above the August 2022 level.
