AUSTIN - Due in large part to labor supply and demand dynamics that first surfaced during the recession and have yet to resolve, overall construction costs continue to rise nationwide, according to a new report from CBRE Group Inc.
For most markets, annual construction cost inflation (CCI) accelerated in January 2016, following limited growth in 2015.
An exception to the trend is Austin, where costs were flat in 2016, yet very strong growth during the four preceding years had Austin significantly outpacing other markets in cumulative terms, with a CCI change of 17.4 percent since January 2011.
See CBRE's Great Recession Continues to Have Ripple Effects on Construction Industry as Labor Shortages Persist
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