Growth in Milwaukee outpacing national cost hikes in first quarter of 2021. By Jeramey Jannene - Apr 26th, 2021 06:55 pm //end headline wrapper ?>Construction of structural supports at Fiserv Forum. Photo by Jeramey Jannene.
It’s no secret that construction costs are growing quickly.
The soaring price of lumber, now at an all-time high, has made national news. According to the National Association of Home Builders, the increasing price of lumber has added $24,000 to the cost of building a new home.
But it’s not the only material price that is climbing. Since the start of 2019, copper pipe costs are up 45% and PVC pipe 27% according to Mortenson Construction.
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Report shows Milwaukee costs are under national average, but the gap is shrinking. By Jeramey Jannene - Mar 4th, 2021 09:34 am //end headline wrapper ?>Diercks Hall construction. Photo by Jeramey Jannene.
Construction costs and total industry employment will continue to grow in 2021.
That’s according to a new report from general contractor Mortenson Construction. The company, which has offices across the country, is one of the largest contractors operating in the Milwaukee market.
The onset of the COVID-19 pandemic didn’t cause overall prices to drop in construction costs, though it did alter the price of many components.
Non-residential construction prices in Milwaukee increased 2.6% in 2020. In mid-2020, Mortenson thought there was a possible decrease coming.