U.S. markets the most expensive in the world to build: Survey

The ICMS provides an in-depth analysis of construction costs and what’s driving them around the globe.This is the second year in a row urban hubs across the U.S. have dominated the top 20 in the international ranking, with New York and San Francisco taking first and second place.

Six Canadian markets including Vancouver, Ottawa, Toronto, Montreal, Edmonton and Calgary range from 39th to 53rd in terms of the most expensive cities in the world to build. “The region is set to be a beneficiary of the global shift towards nearshoring and key growth areas, including advanced manufacturing, life sciences, health care and data centres, are fuelling construction pipelines across North America,” she said in a statement.

Cost escalation in the city is being partly driven by buoyed demand in residential and commercial property — the cost of a highrise, premium office block has reached an average of US$10,660 per m2.The survey also shows the worldwide shift towards deglobalization and nearshoring of manufacturing is particularly impacting North American markets.

Source: Financial Digest (financialdigest.net)

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