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| US construction market activity continues slow growth pattern Turner Construction Company announced that the Third Quarter 2012 Turner Building Cost Index – which measures costs in the non-residential building construction market in the United States – has increased to a value of 832. This reflects a 0.73% increase from the Second Quarter 2012 and 2.21% yearly increase from the Third Quarter 2011. Karl F. Almstead, the Turner vice president responsible for the Turner Building Cost Index, said, "A modest increase in construction costs over the last few months is driven by labor and material cost increases." He continued, "Market optimism also contributes to the moderate increase in costs. However, any significant change in the market will require a change in the overall economy." Approximately 90% of Turner's business is performed under contract arrangements where Turner provides extensive preconstruction planning services before the contract price is fixed and before construction starts. By providing preconstruction services and utilizing enhanced procurement strategies, Turner effectively manages the market risks associated with cost-related issues. write your comments about the article :: © 2012 Construction News :: home page |