• ƒDespite the global collapse of commodity prices, local prices of construction have not fallen.
  • ƒƒThe size of the construction workforce remains well below pre-recession levels, which has led to labor shortages in several major markets.
  • ƒƒSupply-demand imbalances have contributed to strong growth in average construction wages, particularly in the Southwest.ƒƒ
  • The pace of overall construction cost inflation has been moderate in recent years, relative to the prior cycle.