The construction industry experienced significant cost increases in 2021. Although labour costs increased 3-5% on average, the major contributing factor was the rising cost of construction materials which occurred as frequently as monthly. Material shortages and high shipping costs induced by the pandemic played a significant role in materials cost increases.
So what does this mean for our clients and the industry in general? It means planning ahead and implementing the most cost effective methods for new projects as we will most likely continue to see material cost increase in 2022.
The reception area is one of the most important spaces in an office as it sets the tone for a client’s first impression and interaction with an organization. If designed properly, the reception and waiting area will instantly relay a company’s culture and values.
Ever wonder how construction costs are allocated? Construction budgets are broken down and allocated by division.