Saving By Design

Since the arrival of the pandemic in 2020, construction costs have soared 40 percent over a three-year period. Building prices climbed a colossal 19.92 percent in 2022 alone. This figure not only represents the highest percentage increase in U.S. history, but it is also 5.5 times higher than the 3.6 percent increase we usually see on an annualized basis. While construction inflation is coming down in 2024, construction costs remain sky-high. 

These costs are taking their toll. Many needed capital improvement projects within the industry are caught between “can’t afford” and “can’t afford not to.”