NEW YORK, June 12, 2012 /PRNewswire/ -- Turner
Construction Company announced that the Second Quarter 2012 Turner
Building Cost Index – which measures costs in the non-residential
building construction market in the
United States – has increased to a value of 826. This
reflects a 0.61% increase from the First Quarter 2012 and 1.85%
yearly increase from the Second Quarter 2011.
Karl F. Almstead, the Turner vice
president responsible for the Turner Building Cost Index, said,
"Optimism for growth in Turner's markets in the United States is balanced by uncertainty
in the global economy. This has resulted in a relatively stable
level of market activity. In spite of pressure from competition,
labor and material prices slowly continue to increase."
Approximately 90% of Turner's business is performed under
contract arrangements where Turner provides extensive
preconstruction planning services before the contract price is
fixed and before construction starts. By providing preconstruction
services and utilizing enhanced procurement strategies, Turner
effectively manages the market risks associated with cost-related
issues.
Turner has prepared the construction cost forecast for more than
80 years. Used widely by the construction industry and Federal and
State governments, the building costs and price trends tracked by
the Turner Building Cost Index may or may not reflect regional
conditions in any given quarter. The Cost Index is determined by
several factors considered on a nationwide basis, including labor
rates and productivity, material prices and the competitive
condition of the marketplace. This index does not necessarily
conform to other published indices because others do not generally
take all of these factors into account.
About Turner Construction Company
Turner is the leading general builder in the U.S., ranking
first or second in the major segments of the building construction
field. Turner annually completes $8
billion of construction. Founded in 1902, the firm is a
subsidiary of HOCHTIEF, a publicly traded company and one of the
world's leading international construction service providers. For
more information, visit www.turnerconstruction.com.
About HOCHTIEF
HOCHTIEF is one of the leading international providers of
construction-related services. With more than 75,000 employees and
a sales volume of EUR 23.28 billion
in FY 2011, the company is represented in all the world's major
markets. The Group's service offering in the fields of development,
construction and operation covers the entire life cycle of
infrastructure projects, real estate and facilities. In the
USA, the biggest construction
market in the world, HOCHTIEF is the No. 1 general builder via its
subsidiary Turner and, with Group company Flatiron, ranks among the
most important players in the field of transportation
infrastructure construction. With its subsidiary Leighton (HOCHTIEF
share around 54 percent), the Group is market leader in
Australia. Because of its
engagement for sustainability, HOCHTIEF has been listed in the Dow
Jones Sustainability Indexes since 2006. Further information is
available at www.hochtief.com/press.
SOURCE Turner Construction Company