Virtually all costs associated with construction will increase in 2021, according to recent research from JLL, as labor costs tick up between 2 and 5% and materials costs and volatility remain elevated.
"The coming year will bring much more stability across nearly every measure of the construction industry," the report notes. "However, after making it through a year where 93% of projects had to operate during stay-at-home orders, and over a quarter of projects navigated construction shutdown orders, almost anything would seem stable in comparison."
The big takeaway? A year of stability does not necessarily equal growth, according to JLL.
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