Senior Living Construction Costs Brief Summer 2022
This special issue brief was prepared for the American Seniors Housing Association (ASHA) by Larry Graeve and Amy Burk of The Weitz Company.
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The construction market is still running at a strong pace, despite the higher interest rates and hyperinflation. The Architectural Billing Index (ABI) and Construction Confidence Index (CCI) both point to a slowing in construction volume in 2023. We’ve seen relief in some material prices such as lumber, steel, and fuel, which are trending downward. This will help soften the material inflation rate, however labor will continue to be an issue as the shortage of skilled workers is a long-term problem, likely to last for several years.
Check out our Senior Living Construction Costs Report to see what to expect for the last half of the year.