The global recession’s vise grip on construction costs is starting to loesen in several countries, according to the London-based international project and cost-management firm Gardiner & Theobald Inc. The nineteenth annual survey of costs is conducted exclusively for Engineering News-Record. G&T surveys its 51 offices and affiliates worldwide.
Of the 28 countries reporting building cost inflation through 2010, all but two saw either a bump in inflation or an easing in de-escalation. Eastern Europe appears to be the hardest hit by the global recession, with four of five countries reporting declining costs for the second consecutive year. However, the declines were less severe, averaging 7.3% this year compared to a 12.6% decline during 2009.