It’s no surprise that Global Construction Prices have increased substantially in the past 18 months! Sky-high inflation, fuel price spikes, supply chain problems & the ongoing Ukraine conflict have created a perfect storm, driving up international construction costs. Compass International has researched and compiled this report on the TOP 20 most expensive cities to carry out construction projects.
Every day we hear news of major companies building new Logistics / Distribution Center in the USA & around the world. We are frequently asked this question by Owners, Developers, Architects & Engineers, Estimators, Quantity Surveyors & Construction Professionals around the world. To answer this question we have researched & collected “current day” costs from more than 15 countries.
Detailed below are the most expensive cities to construct a building or complete an infrastructure-related project based on our latest (6) month’s international construction cost survey & research effort. We have used Boston, MA, USA as the benchmark city. What we have witnessed in 2019 that will continue in 2020 are the following.
The following is our latest forecast of construction inflation & construction productivity related to the following countries. Note: Construction productivity is based on historical benchmark data from a number of new Industrial / Manufacturing Facilities. The construction productivity is expressed & based on skilled & unskilled construction hours for work performed in the USA on new projects valued between $10 & $150 million. The US benchmark value is based on a work effort of 100 construction man-hours to perform a specific construction work task.
Take advantage of our latest Pharmaceutical / Biologicals Cleanroom square foot cost benchmark values that we have researched and collected from more than (6) recently constructed facilities located in North America
This checklist is applicable to all types of construction facilities, New (Greenfield) / Retrofit (Brownfield) / Upgrade / Debottlenecking / Add-on Location of facility (USA or Overseas).
The following is our latest forecast of 2019 Construction (Labor & Materials) Inflation Rates & Skilled Construction hourly bill out hourly rates:
Typical Benchmark Percentages & Cost Ranges related to North American Petro-Chemical, Industrial & Gas Facilities. Applicable to New & Revamp CAPEX / Facility Projects with a Total Installed Cost (TIC) value between $10 million & $150 million.
The following table indicates a range of EPC Capital Expenditure (CAPEX) and Operating Costs (OPEX) per barrel of production for various international refineries.
This facility benchmark is for a greenfield Truck Tire Production facility. A number of new tire facilities & expansion projects are currently being constructed in the USA (the majority are located in TN, GA, NC & SC). This facility will produce 1.5 to 2 million tires per year when fully operational. Note (11), the manufacturing equipment below i.e. extruders, molders ovens etc, represents the largest cost conponent.