The Arcadis 2021 International Construction Cost Index shows New York City and San Francisco are among the top 10 cities throughout the world with the highest construction costs, according to www.constructiondive.com. Arcadis compiled the report during the “second, stronger wave” of the COVID-19 pandemic.
New York City was ranked No. 7 and San Francisco was ranked No. 8. Geneva was the most expensive, and other cities in the top 10 included London; Copenhagen, Denmark; Oslo, Norway; Zurich; Hong Kong; Dublin; and Macao.
Arcadis said despite the pandemic, most markets covered by the report remained stable and resilient, leaving them positioned for a recovery. The U.S. experienced a “relatively mild” contraction of 2.4%.
Other U.S. cities on Arcadis’ list were Boston (No. 16); Philadelphia (No. 20); Seattle (No. 27); Chicago (No. 31); Los Angeles (No. 33); Washington, D.C. (No. 36); and Las Vegas (No. 37), among others.
At the time of the Arcadis report, the Federal Reserve committee predicted a growth of 4.2% for the U.S. in 2021 and a subsequent slower pace of about 3%.
