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August 4, 2015

Construction costs rising fastest here

By JOURNAL STAFF

SEATTLE — Mortenson's quarterly Construction Cost Index says non-residential labor, material and equipment costs in Seattle are 5 percent higher than at this time in 2014.

The report released Monday also projects costs to increase between 5 and 6 percent over the next year.

Mortenson says costs in Seattle are steadily outpacing growth in other U.S. cities it surveys.

The company also noted that federal statistics show Seattle-area construction employment has risen by 17 percent during the past year, and that is an indicator of future wage growth and activity.

Some of the materials with the highest year-over-year cost increases were plumbing systems, gypsum board and entrances/storefronts.

Price declines were noted in cast-in-place concrete, structural steel, electrical systems and reinforcing steels.




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