Senior Living Construction Costs Brief Winter 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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2021 was a robust year for construction volumes, although it brought many challenges for the industry as a whole. Hyperinflation of materials caused significant cost overruns. The National average for building inflation hovered around 14%, and in some markets soared to over 20%. We do not anticipate this trend to repeat in 2022 due to the inflation rate on many building materials is likely to be at a lower rate than in 2021 and in some cases, at a lower cost.
Check out our Senior Living Construction Costs Report to see what to expect for the beginning of 2022.