Construction cost escalation across the globe has been cooling in China, Western Europe, Australia, Japan and the U.S. Then there is Eastern Europe, which plays by its own rule book, one that has been rewritten by the integration of several eastern European nations into the European Union.
The average building inflation for 23 countries in Europe, Asia, the Middle East, Latin America and North America slipped to 5.6% from 6.2% for the same group of countries the previous year, according to London-based international project and cost management firm Gardiner & Theobald Inc. in its sixteenth annual survey of international costs conducted exclusively for ENR.