Is the Cost of Construction Higher in Texas?
Texas has been long known for its flourishing real estate market as well as its massive infrastructure projects. But, as demand for construction rises, so too will the price. There are many factors that influence the increasing costs in the construction industry such as the shortage of workers, material costs, and the emergence of technological advances. When you're thinking about commercial, residential or industrial building, knowing the costs involved is vital. Key Factors Driving Construction Costs in Texas 1. Rising Material Costs The cost of building materials has increased because of supply chain disruptions and rising inflation. The most essential materials like concrete, steel and lumber have become more expensive, which directly impacts their Bill of Materials (BOM) in Houston and various cities throughout Texas. The higher cost of materials translates into more project costs, making it crucial for builders to use their resources efficiently. 2. Skilled Labor Shortage Te...