Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Construction costs are continuing to climb. Last year alone, construction pricing increased 5.07%. Materials costs and a labor shortage are the main driver of the rising pricing, and they are likely to fuel another increase in costs this year.

“Both material and skilled labor costs in construction have been on the rise for some time, and today’s multifamily developers are seeking cost-effective ways to bring multi-unit projects to fruition,” Richard Lara, president and CEO of RAAM Construction, tells GlobeSt.com.

Kelsi Maree Borland

Kelsi Maree Borland is a freelance writer and editor living in Los Angeles whose work has appeared in such publications as Travel + Leisure, Angeleno and Los Angeles Magazine.

More from this author


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.