According to a report from the New York Building Congress, construction costs in Manhattan rose 5 percent in 2013 and another 5 percent in 2014. The average construction costs nationwide only rose 2.5 percent in 2013 and 3 percent in 2014.
Plunging oil prices could lower the cost of petroleum-based products and delivery costs; however, the growing material costs nationally combined with certain essential trades running out of capacity could be cause for concern that costs could rise even more.
