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Staircase to Sky: Construction Costs Keep Climbing
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Data Shows Building Costs Will Rise Between 3% and 6% Through 2024 Depending on the Market
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Cost Management Firm Currie and Brown Breaks the Bad News
– This just in: the cost of building your dream house might turn it into a bit of a nightmare. Blame it on the construction costs that keep acting like an overzealous mountain climber – relentlessly up, up, and away, they go!
– Cost management gurus at Currie and Brown broke the news on Tuesday that building costs are set to rise between 3% and 6% through 2024. Location is key though, as costs shifts will largely be market dependent.
– Yes, you heard it right. A picket fence and wraparound porch will cost you more every year, up to a speculative 6 percent hike by 2024.
– Unfortunately, sleeptalking your bank account’s pin number at an ATM won’t reverse the scenario. The cost of getting that extra room for your grandma or that fancy swimming pool for your golden retriever is sure to pinch your pockets a tad bit more.
– Sailing through choppy waters, the real estate market is essentially playing pin the tail on the donkey with these costs, blaming everything from tension in world trade to shifts in supply chain dynamics.
Hot Take:
The next couple of years promise a thrilling, nail-biting, popcorn-grabbing, binge-worthy saga for the construction industry. With costs threatening to rise between 3% and 6%, it seems like the only thing that won’t be going up is your bank balance – unless you strike oil in your backyard, or your 10-year old becomes the next tech giant. This all sounds like a plot right out of a budget-blown Hollywood movie. Could it be “Mission Impossible: Budget Edition” or perhaps “Rise of the Costs: The Wallet Strikes Back”?
Looks like the time to pack up ideas of fancy lofts or enormous backyards because the construction bad boys want us all to cough up those pretty pennies. Buckle up, folks, it’s going to be a bumpy ride! But hey, any chance those construction costs can build a stairway to heaven alongside our homes? At this rate, we might need an angel investor.
Original article: https://www.inman.com/2024/02/20/construction-costs-poised-to-rise-up-to-6-in-2024/
