With the cost of construction expected to continue its rise, there is a widening gap between the most expensive construction markets in the United States and the rest of the country, writes Matt Wasielewski for BisNow.
A dive into which U.S. cities are the most expensive for new construction found that Philadelphia ranks fifth at about $428 per square foot.
The most expensive in New York City, where it costs about $534 per square foot. San Francisco joins NYC as the only other U.S. city where commercial construction costs more than $500 per square foot.
Philadelphia also trails only Los Angeles and Chicago in the rankings.
Meanwhile, the Sun Belt region of the country offers a bit more of a bargain when it comes to commercial developments.
According to international project management and cost consulting company Cumming Group, the rise of construction prices during the first quarter can be credited to the President’s trade war and immigration crackdown.
Furthermore, new tariffs on certain industries and nations have led to the rise in raw material costs.
To learn more about the rising cost of construction nationwide and how Philadelphia and other metro cities are being affected, visit BisNow.
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