Altus Group provides a yearly construction cost guide for residential, commercial and industrial developments.
The following is an overview of the private sector price per square foot for residential developments:
The construction industry showed its resilience and performed well in 2020 (all things considered), but even with the vaccination roll-out, we aren’t out of the woods yet. Construction sites being locked down or not at full capacity, the global supply chain being somewhat broken, and a recession, will undoubtedly have long-term impacts on construction costs throughout 2021 and beyond.
Having a current and accurate understanding of these costs will be imperative to help manage development risk and navigate through the uncertainty to protect your project returns.
SOURCE: Altus Group
