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San Francisco Tops the List for World’s Costliest Place to Build

Source: sfchornicle.com | Re-Post MNM Partners, LLC 4/16//2019 –

San Francisco is now the world’s most expensive place to build. The city’s construction costs rose 5% last year, and it’s now more pricey than New York, according to a report released Thursday by consulting company Turner & Townsend.
Costs rose amid demand for new buildings from the booming tech sector, plus a severe construction labor shortage and a spike in steel prices attributed to U.S. and China tariffs. Rising costs are stalling and killing much-needed San Francisco housing projects, exacerbating the shortage, according to developers.
A long-standing problem is the lack of construction workers, with many veterans leaving the industry after the 2008 recession. High housing costs also have caused some workers to move out of the area, and many commute for hours to reach job sites.
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