Turner and Townsend’s latest annual International Construction Market Survey names disruptions in the global supply chain, triggered in part by lockdowns in China due to COVID-19, and rising commodity costs following the invasion of Ukraine as key stress factors for construction markets worldwide.

According to the survey, the 2022 ranking is led by these cities, including four U.S. markets among the top ten:

1. San Francisco ($4,728.5/sqm)
2. Tokyo ($4,664.8/sqm)
3. Osaka ($4,558.5/sqm)

4. New York City ($4,517.3/sqm)

5. Geneva ($4,332.2/sqm)
   

6. Zurich ($4,285.8/sqm)
7. Hong Kong ($4,236.5/sqm)
8. Boston ($3,998.4/sqm)
9. Los Angeles ($3,981.8/sqm)
10. London ($3,909.8/sqm)

Driven by strong demand from tech corporations, a strengthening of the U.S. dollar as well as higher material and labor costs, San Francisco moved up from its third place position last year and surpassed Tokyo and Hong Kong as the priciest market for construction with an average cost of $4,728.50 per square meter ($439.29 per square foot).

Many more North American markets made it among the top twenty this year, including Nashville (11th), Seattle (12th), Atlanta (13th), Chicago (14th), Denver (17th), and Vancouver (18th).

Dig into the data of the complete survey here.

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