Industrial/Commercial Construction Cost Data
Compass International, Inc. is a professional commercial construction cost estimating and consulting firm established in 1992 to provide services to Owners, Financial Institutions, Design Professionals and Construction Organizations.
Compass International services include the publication of eight annual Industrial and Commercial construction cost databases, project and construction management, estimation reviews, audits, and validation services, as well as value engineering, strategic planning, and in-house training for up to 25 mid-senior level staff.
GLOBAL CONSTRUCTION NEWSLETTER
The Global Construction Industry is resilient and forecast to reach $11 trillion by the year’s end in 2023 and to possibly hit $13 trillion by 2026! However, difficult conditions remain in place, the global construction industry will continue limping through the remainder of 2023. Increased construction costs, borrowing costs and increasing energy prices will continue to rise for the next 3 to 6 months.
As we transition into the 4th Q of 2023 we find the global construction industry remains vulnerable to the challenges presented by energy price spikes, high inflation rates, material & labor shortages and supply chain interruptions.
The continuing war in Ukraine remains a serious problem that unfortunately could drag other countries into the conflict. The chances of a full blown global recession /economic downturn remains reasonably high as we move towards the first half of 2024.
On the positive side, the Global Construction sector is showing some signs of growth and is (for the most part) positioned for a recovery from the last 2 to 3 lackluster COVID years. The intensifying rivalry between the USA and China looks like it is a permanent challenge to the global economy and construction sector.