U.S. construction costs expected to rise 14% year over year by close of 2022

Coldwell Banker Richard Ellis (CBRE) is forecasting a 14.1% year-on-year increase in U.S. construction costs by the close of 2022.

It is the largest jump since CBRE began making cost projections in 2007. The firm cited financial pressures such as inflation, labor shortages, supply chain challenges, Covid-19, and Russia’s invasion of Ukraine as causes for the sharp rise.

CBRE predicts relief next year, with cost inflation falling to 4.3% and further moderation to 2.9% in 2024. Although the firm sees inflation and supply chain problems receding over the next two years, it foresees that delays in material deliveries, labor scarcity, and semiconductor shortages will endure.

The firm’s forecast notes that demand for new projects remains strong despite cost pressures.

Now 46 years running, Building Design+Construction's 2022 Giants 400 Report rankings the largest architecture, engineering, and construction firms in the U.S. This year a record 519 AEC firms participated in BD+C's Giants 400 report. The final report includes more than 130 rankings across 25 building sectors and specialty categories.

| Aug 19, 2022

Cuningham appoints Jacqueline Dompe as new Chief Executive Officer

Cuningham, a national design firm, is thrilled to announce the appointment of Jacqueline Dompe as the firm’s Chief Executive Officer (CEO).

| Aug 19, 2022

Future sea rise could expose 720,000 more people on East Coast to flooding

An analysis by NPR based on modeling from the National Hurricane Center for New York City, Washington, D.C., and Miami-Dade County found future sea rise could expose about 720,000 more people to damaging floods later this century.

| Aug 19, 2022

Manassas Museum renovated to reimagine a civic design & engage the community

Manassas, VA has recently added to its historic Manassas Museum.

| Aug 18, 2022

U.S. Treasury moves to boost affordable housing

The Department of the Treasury recently announced new guidance to “increase the ability of state, local, and tribal governments to use American Rescue Plan (ARP) funds to boost the supply of affordable housing in their communities,” according to a news release.

| Aug 18, 2022

The Illinois Institute of Technology restores three Mies van der Rohe buildings

With Dirk Denison Architects and Gilbane Building Company, the Illinois Institute of Technology has recently completed a $70 million housing project that has restored three Ludwig Mies van der Rohe buildings.