ST. LOUIS — Design/build and retail services firm NewGround has recently released a white paper examining why the cost of building financial institutions is on the rise.
According to the paper entitled Deconstructing Sticker Shock: Why the Cost of Building is on the Rise, in addition to the rising cost of construction materials, consumer demand for a customized, dynamic financial institution is also driving up the cost of construction.
"Nationally, total construction costs are up 8% over last year's costs and there has been no indication of a future slowdown. And while there has been a downturn in the residential market over the last few months, the total residential construction value is still 50% more than what it was four years ago. This small decrease does not off-set the mega-leap from $400 billion being spent in 2002 to cover $600 billion in 2006," said NewGround Senior Vice President, Design and Construction Bob Mannion.
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