RSMeans 2022 Construction Cost Report: Equipment, Labor, and Material Costs See Significant Rise

The construction industry experienced significant cost increases in 2022, with equipment costs seeing a rise of over 5%, mainly due to operating costs such as higher diesel prices. Labor wages increased by an average of 3.4%, with around 46% of wages increasing over 4% due to union collective bargaining agreements. Construction materials experienced an average increase of 19%, driven by inflation, supply chain constraints, and operating constraints. However, some prices have started to regress in 2023.

Materials cost increases: 

  • Wood: 16%
  • Steel: 22%
  • Concrete & masonry: 15%
  • Electrical conduit: 12%
  • Insulation: 11%

In light of the continued uncertainty in the construction industry, staying up-to-date with the latest construction costs is crucial for success in 2023. Learn more about construction cost data from 2022 and construction planning in general at gordian.com.

To the cost calculator