A new survey finds that the average price paid for construction work in America has nearly doubled since 2007.
The average price of construction work rose from $5,000 to $10,000 per acre in that period.
That’s according to a survey conducted by the National Association of Home Builders, which also found that the cost of new construction rose from just over $1 billion to $3.3 billion per year.
The price of new residential construction in 2015 was $3,000.
That’s the average annual increase since 2007, when the price of residential construction reached just under $5 billion per, according to NHAI.
This is a big deal.
A lot of construction companies have been getting hammered with the costs of the construction boom in recent years.
So, NHA I guess we’re in a place where it’s hard to find a company that hasn’t seen a lot of that construction costs, said Chris Jones, a real estate attorney in Nashville, Tennessee.
I’m very concerned that these companies are going to be forced to do this all over again, Jones said.
We have seen so much new construction in the last year or two, we’re going to see this again.
“The average construction price for a single-family home has risen from $3 million in 2007 to more than $10 million in 2016, according the NHAIC survey.
And the average construction for multifamily homes has risen nearly 70 percent from just under a decade ago, to about $12 million.
The NHAICS survey also found the average cost of construction for new buildings has increased by $200,000 a year since 2007 to $2.7 billion in 2020.
The average cost for construction of new parking garages is up more than 5 percent, and the average is $3 for a one-year lease, NAAI said.
In Nashville, where we are building a $2 billion mixed-use complex, the average lease cost for a parking garage was $1,200 per year, NAAAIC said.NHAI did not provide the exact numbers, but it did say that in the past five years, the cost per acre of construction has increased significantly in each state and region.
It said that the costs for new construction for homes in the city of Atlanta, which will be the site of a major mixed-used development, have grown nearly 20 percent.
In Nashville, Nhaic said that this increase in construction costs comes as the city continues to build in the shadow of a new construction boom, with a projected 1.3 million new construction jobs in the next five years.”
Construction firms are expected to continue to have to raise their prices to compete with this new wave of new jobs, Jones noted.”
I would be very concerned about a lot more things being built in Nashville than just the new homes that are coming up in the future.”
Construction firms are expected to continue to have to raise their prices to compete with this new wave of new jobs, Jones noted.