According to a report from Phoenix-based Rider Levett Bucknall (RLB), a construction advisory, cost, and project management firm, Phoenix has recorded its second consecutive quarter of construction cost increases of below 1%. In contrast, the national average saw a 1.12% rise over the previous quarter. Phoenix’s annual increase of 4.17% ranks as the third-lowest among 12 highlighted markets in the United States by RLB. Nevertheless, the Phoenix metro area had the largest industrial supply in the country, with nearly 39 million square feet of space under construction as of June 2024, according to a Yardi Matrix report.
Source: https://www.bizjournals.com/phoenix/news/2024/07/08/rlb-construction-costs-phoenix-report-q2.html
