The construction industry is experiencing some bumps in its recovery but is generally on a modest upward trajectory. The total value of construction for the first six months of this year is $387.1 billion, 9.0% above the same period in 2011, according to the latest construction cost report from property and construction consultant Rider Levett Bucknall. The research also suggests that from April to July of this year, the national average increase in construction cost was only 0.22%.
Several of the 12 U.S. cities where RLB tracks construction costs experienced little change in the quarter. For the fifth consecutive quarter, all locations posted positive inflation for the period with Honolulu experiencing the greatest increase at 0.89% followed by more modest gains in Denver, Las Vegas and Phoenix.