International construction market survey 2016
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Around the globe<br />
USA – other regions<br />
Residential booms in major cities spur <strong>construction</strong> demand<br />
Economic overview<br />
US economic growth faltered in the last quarter of 2015,<br />
but overall annual GDP growth stood at two percent.<br />
Inflation and finance costs are still low, and the falling<br />
price of oil is powering growth in consumer demand, the<br />
biggest driver of the country’s economy.<br />
Construction <strong>market</strong> and trends<br />
Construction outside New York City has been strong,<br />
particularly in the large cities of the east and west<br />
coast, driven by a resurgence in residential and<br />
commercial <strong>construction</strong>.<br />
A large number of developments are underway in the<br />
San Francisco Bay area, where the technology industry is<br />
driving growth, while Seattle is in the middle of a six-year<br />
boom cycle, powered by high population growth. In<br />
Houston, the office <strong>market</strong> is weaker given the fall in oil<br />
prices, but growth will continue in the healthcare and<br />
higher education sectors.<br />
Future outlook<br />
Residential <strong>construction</strong> booms in Seattle and San<br />
Francisco will remain strong in <strong>2016</strong> to keep pace with<br />
continued growth in the technology industry. Houston<br />
is likely to experience a cooling in new <strong>construction</strong><br />
due to continued softness in the energy sector.<br />
Houston<br />
USD<br />
San Francisco<br />
USD<br />
Seattle<br />
USD<br />
US Standard<br />
(ft 2 )<br />
<strong>International</strong> building costs per m 2 and ft 2 of internal area, in <strong>2016</strong><br />
Metric<br />
(m 2 )<br />
US Standard<br />
(ft 2 )<br />
Metric<br />
(m 2 )<br />
US Standard<br />
(ft 2 )<br />
Metric<br />
(m 2 )<br />
Airports (building only)<br />
Domestic terminal, full service 4,646 432 5,859 544 5,090 473<br />
Low-cost carrier terminal, basic service 2,599 241 3,320 308 3,054 284<br />
Car parks<br />
Multi-storey above ground 521 48 1,318 122 784 73<br />
Multi-storey below ground 1,122 104 2,099 195 1,832 170<br />
Commercial<br />
Offices – Business Park 1,189 110 2,588 240 1,527 142<br />
CBD Offices – up to 20 floors medium (A-Grade) 2,081 193 4,736 440 2,301 214<br />
CBD Offices – high-rise prestige 4,692 436 5,370 499 4,900 455<br />
Education<br />
Primary and secondary 2,220 206 2,197 204 2,189 203<br />
University 2,648 246 3,466 322 2,749 255<br />
Hospitals<br />
Day centre (including basic surgeries) 2,081 193 2,783 259 2,199 204<br />
Regional hospital 3,407 317 5,097 474 4,103 381<br />
General hospital (e.g. city teaching hospital) 2,968 276 5,204 484 3,665 340<br />
Hotels<br />
3 Star travellers 1,856 172 2,627 244 2,464 229<br />
5 Star luxury 3,625 337 4,687 435 3,868 359<br />
Resort style 2,093 194 3,203 298 2,341 218<br />
Industrial<br />
Warehouse/factory units – basic 714 66 1,167 108 953 89<br />
Large warehouse distribution centre 892 83 1,367 127 1,289 120<br />
High-tech factory/laboratory 4,272 397 4,726 439 4,500 418<br />
Residential<br />
Individual detached or terrace style house<br />
1,836 171 2,721 253 2,189 203<br />
medium standard<br />
Individual detached house – prestige 2,958 275 3,605 335 3,288 305<br />
Townhouses – medium standard 1,122 104 1,749 163 1,527 142<br />
Apartments low-rise – medium standard 1,275 118 2,138 199 1,731 161<br />
Apartments high-rise 1,530 142 2,867 266 1,802 167<br />
Aged care/affordable units 1,122 104 1,846 172 1,476 137<br />
78<br />
Turner & Townsend
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