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. 

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.