Seattle – An Overheating Construction Market…
5/20/17 – According to an article in the Puget Sound Business Journal there are two overheating construction markets in the world and Seattle is one of them. Seattle is the third highest cost for construction in the United States and sixth highest in the world. In 2016, Seattle construction costs increased 5 percent compared to a 3.7 percent increase for Global construction costs. The study conducted analyzed data from 43 markets around the world, looking at six project types (apartment high-rises, office buildings, large warehouse distribution centers, hospitals, primary and secondary schools, and shopping centers). Seven markets were identified as hot and two as overheating. Those two were Seattle, Washington and Bogota, Columbia. In the report the two issues affecting Seattle were apartment development and infrastructure spending. View the report from Turner & Townsend on Global construction cost here.