Rider Levett Bucknall (RLB) has unveiled its latest Quarterly Cost Report on the North American construction industry in 14 key markets with an optimistic view for the sector.

With current data from mid-Q4 2024, the latest RLB report shows the national average increase in construction costs for the U.S. was 1.11 per cent, explains a release.

This is similar to the previous two quarters, with Boston, Chicago, Honolulu, Las Vegas, Phoenix, Seattle and Washington DC experiencing increases over the national average this quarter.

Denver, Los Angeles, New York, Portland and San Francisco experienced gains that were less than the national average.

Compared to 2023, the cost of many building materials increased at a much slower rate in Q4 2024.

The report shows structural block increased 5.2 per cent; gypsum building materials 4.8 per cent; cement 4.7 per cent; lumber 4.6 per cent; and ready-mix concrete 3.7 per cent. Copper was among the highest price growth at 14.4 per cent but prices for steel products decreased by 6.9 per cent.

“According to the Associated Builders and Contractors, higher energy prices have contributed to rising construction materials costs,” the report notes. “While some materials, like concrete and copper, have increased in price, overall prices are lower than a year ago and have dropped five per cent since reaching an all-time high in June 2022. As we approach 2025, uncertainty about the next administration’s trade policy could impact materials costs, with potential tariffs possibly leading to short-term price increases if buyers rush to import before new policies are enacted.”

The construction unemployment rate is 3.7 per cent, down .1 per cent in the same time period last year.
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Source: constructconnect.com