Construction Cost Increases for Four Accommodation-style Building Categories Range from 2.2% to 5.0%
Abstract:
Among four accommodation-style structures monitored by RSMeans, an eight- to 24-story hotel (+5.0% on average for 25 cities) had the greatest year-over-year increase in construction costs in June 2008. In second place was a four- to seven-story hotel (+3.4%), followed by a four- to seven-story apartment building (+2.9%) and a two- to three-story motel (+2.2%). As for dollar-per-square-foot cost of construction, a motel is most expensive. Among cities, New York was the leader in cost gains, year over year.
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Among four accommodation-style structures monitored by RSMeans, an eight- to 24-story hotel (+5.0% on average for 25 cities) had the greatest year-over-year increase in construction costs in June 2008. In second place was a four- to seven-story hotel (+3.4%), followed by a four- to seven-story apartment building (+2.9%) and a two- to three-story motel (+2.2%). As for dollar-per-square-foot cost of construction, a motel is most expensive. Among cities, New York was the leader in cost gains, year over year.