Turner & Townsend’s 2021 international construction market survey shows San Francisco, New York City, Boston and Los Angeles are among the 10 most expensive cities to build in the world, according to www.constructiondive.com.
Tokyo is the most expensive city to build in the world, driven by the vast number of real estate and infrastructure projects boosting demand for construction resources.
Following is the full list of the top 10 most expensive cities in which to build, according to the survey.
- Tokyo
- Hong Kong
- San Francisco
- New York City
- Geneva
- Zurich
- Boston
- London
- Los Angeles
- Macao
More than 30% of survey respondents expected a one- to two-year recovery for the construction industry to return to its pre-pandemic level of output. The study found rising construction costs, supply chain disruption and skilled labor shortages remain the biggest barriers to growth.
More than a third of survey respondents said the pandemic has had a high or significant effect on their supply chains. Additionally, all markets experienced higher price inflation because of the pandemic, in part resulting from skilled labor shortages and supply constraints.
