New York Is Officially The Most Expensive City In The World For Construction
New York is officially the most expensive city in the world to build.
Construction in the city averages a staggering $354/foot, moving it into the top spot ahead of longtime leader Zurich. San Francisco is the new No. 2 at $330/foot, pushing Zurich down to third globally. The new figures come from Turner & Townsend's 2017 International Construction Market Survey, the New York Post reports.
New York claimed the top spot with a combination of high worker wages — as high as $100/hour — and the relative strength of the dollar. London, previously the third-most expensive city, dropped to fifth overall as a result of the weakening pound in the wake of Brexit.
New York's construction prices rose 3.7% in 2016 to take the top spot, and Turner & Townsend predicts another 3.5% increase thanks to the building frenzy that should continue through 2017.