Seattle construction employment is back to double-digit growth, while the cost of building components and materials continues to rise, according to the latest Mortenson Construction quarterly Construction Cost Index for Seattle. The acceleration of construction employment growth to an annualized 14% in late 2016 marks a shift from a brief period of slowing in 2015 and early 2016, the report said.
Once again, Seattle’s cost index outpaced the national average, which it has for some time. Construction costs for non-residential construction labor, material and equipment in Seattle grew 0.8% compared to the previous quarter. Mortenson recommends building owners plan on a cost growth of 4% to 4.5% in the next 12 months.
“While these numbers have ebbed and flowed, the one constant is strong employment growth each quarter," said Mortenson Construction chief estimator Mark Wagner. "With a nation-leading 62 cranes dotting the Seattle skyline, and a bevy of projects in the pipeline, it’s no surprise that materials costs and construction employment are on the rise.”
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