Expert sees slowdown on horizon in Valley real estate market
By Corina Vanek | Phoenix Business Journal
Phoenix remains one of the cheapest major cities for building real estate projects, despite one of the largest increases in construction costs during 2018.
According to the quarterly construction cost report done by Rider Levett Bucknall, construction costs in Phoenix rose 6.7% between January 2018 and January 2019, one of the largest increases for major cities nationwide. Chicago had the largest percentage increase at 7.6%.
“This is a significant rise for Phoenix over last year,” said Scott Macpherson, executive vice president for RLB. During the previous year, construction costs increased only by 3.65%.