Although the rising prices of commodities for some products have improved, construction labor costs and shortages are continuing to push the cost of new senior living projects higher in the second half of 2023. Construction costs per square foot for developers have been on a continuous increase, according to the latest Senior Living Construction Costs […]
Weitz Company
Commodity pricing and construction labor wage increases are leveling off — but don’t expect an uptick in new senior living projects or a decrease in overall pricing in 2023. That’s according to a new Senior Living Construction Costs report from construction firm Weitz Company. The cost of building new independent living and assisted living communities […]
Demand among developers and operators for new senior living projects is higher in 2022 than in the prior year, even while construction costs and interest rates remain elevated. Driving that increase in demand are favorable demographics, an expectation that construction prices will level off in 2023 and a shift in mindset from surviving the Covid-19 […]
New tariffs on steel and aluminum could throw a wrench into some senior living development plans and drive prices higher in an already costly construction landscape. The measure, which U.S. President Donald Trump unexpectedly announced earlier this month, is slated to go into effect on March 23. It would impose a 25% tariff on steel imports and […]
In the Pipeline is brought to you by the Senior Housing News Architecture & Design Awards. Sign up for the SHN Architecture & Design Newsletter from SHN for updates on architecture and design trends, the annual SHN Awards Competition. Construction: Planned Senior Housing Management Planning Addition at Iowa Community Senior Housing Management has announced plans […]
Senior housing construction costs are rising and showing no signs of slowing down, according to a Jan. 25 construction costs brief prepared by Larry Graeve, senior vice president of construction firm The Weitz Company. The brief was prepared for the American Seniors Housing Association (ASHA). Like last year, an ongoing labor shortage in the construction […]
Any construction project has many moving parts. Hiring the right contractor, and making sure that the project stays on schedule and on budget, become top concerns for developers. But with the construction industry facing various economic challenges, accomplishing this list of tasks can be quite the undertaking for development teams, including those that work on senior living […]
Senior housing construction costs continue to increase across the country, as contractors report a widespread labor shortage. In fact, 70% to 80% of contractors report difficulty in finding qualified labor, according to a Jan. 19 construction costs brief prepared by Larry Graeve, senior vice president of construction firm The Weitz Company. The brief was prepared […]
Subscribe
Receive industry updates and breaking news from SHN