Turner & Townsend’s 2017 International Construction Market Survey (ICMS) says New York City has the world’s highest construction costs, nearly $354 per sq. ft. last year.
The NYC construction industry spent $43 billion in 2016, partly attributable to high wages of as much as $100 per hour, representing a 3.5% increase from 2015, the survey indicates. Costs are expected to increase another 3.5% in 2017.
Internationally, construction costs in 2016 increased by 3.7%. NYC bumped last year’s most expensive market, Zurich, from the top spot on Turner & Townsend’s list. In this year’s rankings, New York was followed by San Francisco, Zurich, Hong Kong and London.
