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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.
