December 31, 2003—The Turner Corporation, a leading general builder, recently announced that construction costs in the fourth quarter of 2003 are projected to increase slightly over the third quarter of 2003. According to the Turner Building Cost Index, the fourth quarter 2003 index will rise to 623, showing a .32 percent increase over the third quarter 2003 index of 621 and a .48 percent increase over the fourth quarter 2002 index of 620.
According to Karl F. Almstead, the Turner vice president responsible for the Cost Index: “Optimism continues to grow in light of what appears to be good economic news. Construction typically lags behind current economic indicators, but the industry is anticipating an increase in the volume of work that will relieve some of the competitive pressures. The slight increase in the Index reflects the labor and material cost pressures.”
Turner has made its quarterly forecast for more than 50 years. Used widely by the construction industry and Federal and State governments, the building costs and price trends tracked by the Turner Building Cost Index may or may not reflect regional conditions in any given quarter. The Cost Index is determined by several factors considered on a nationwide basis-labor rates and productivity, material prices and the competitive condition of the marketplace. This index does not necessarily conform to other published indices because others do not generally take all of these factors into account.
Turner is the nation’s leading general builder, ranking first or second in major segments of the building construction field. Based in Dallas, Texas, Turner completed $6.2 billion of construction in 2002. Turner is the only builder offering clients a nationwide network, with 45 offices across the country. Founded in 1902, the company was acquired in 1999 by HOCHTIEF AG, one of the world’s leading international construction companies.
For more information, visit Turner Corp.
