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business & labor
THIRD QUARTERLY COST REPORT
INDEXES: Inflation Rate Triples Last Year’s Pace
9/27/2004
By Tim Grogan
VIEW MORE ARTICLES FROM THIRD QUARTERLY COST REPORT
Summary: Inflation Batters Building Costs
Equipment: Strong demand hits prices
Insurance: Workers’ comp rates climb
Labor: Tackling the cost of drug use
VIEW EXPANDED COST STATISTICS
ENR is now offering more of our unique U.S. construction cost statistics on the web. click here to view more >>
A broad-based surge in materials price escalation is ripping through construction industry cost indexes. As a result, annual inflation has risen from 2.3% a year ago to 3.2% in the first quarter, 5.6% in the second quarter and 8.1% currently. This is according to a tally of 14 major cost indexes through last July, the latest month available for all indexes.

Preliminary data indicate that inflation has not yet peaked, with several indexes already breaching the double-digit barrier. ENR’s Building Cost Index rose from a 9.0% annual rate in July to 10.4% in September. Marshall & Swift predicts inflation tracked by its index will climb from 10.4% in July to 11.5% by October, while Boeckh sees its index going from 6.2% to 8.5% during the same period. The annual rate of increase for the SmithGroup’s index went from 7.6% in July to 8.3% in August.

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