Construction Cost Insights Report for Q1/2024 from Gordian

As 2024 commences, sports facility construction companies can anticipate a more stable phase in material pricing, contrasting the fluctuations of recent years. This shift, outlined in a Q1 report with contributions from industry leaders at Gordian, Mortenson, Messer Construction Co., and The Beck Group, signals a steadying of the construction sector. 

Read the full report on the Gordian website. 

Key takeaways:

  • Overall Stabilization: There’s a general trend towards stabilizing material prices in the construction sector.
  • Supply Chain: Supply chains are stabilizing, but there’s still a recommendation to plan for annual cost escalations of 3% to 5%.
  • Labor Availability: Growing concerns about skilled labor availability persist, which could strain the construction sector.

Looking ahead:

  • Predictions for 2024: Continued stability in material pricing, with a slight overall decrease in costs reported in 2023.
  • Labor Market Pressures: The tight labor market remains a key challenge, influencing project planning and cost.
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