Dallas-based contractor The Turner Corp. today projected that construction costs in the first quarter of 2002 will increase .16 percent from the fourth quarter of 2001. According to the Turner Building Cost Index, the first quarter 2002 index will increase to 617, one point above the fourth quarter 2001 figure and 1.31 percent above the first quarter 2001 index of 609.
According to Karl F. Almstead, the Turner vice president responsible for the Building Cost Index: 'The large metropolitan markets continue to be busy. The projected reduction in market activity seems to have had a greater effect on pricing in smaller metropolitan areas. The cost of labor continues to increase slightly and material pricing has stabilized.'
Turner has made its quarterly forecast for more than 50 years. Used widely by the construction industry and Federal and State governments, the building costs and price trends tracked by the Turner Building Cost Index may or may not reflect regional conditions in any given quarter. The Cost Index is determined by several factors considered on a nationwide basis-labor rates and productivity, material prices, and the competitive condition of the marketplace.
