Non-residential building construction costs have dropped by about 2 percent nationally from the third quarter, according to the fourth quarter building cost index from Manhattan-based Turner Construction.
The index reports that construction costs have decreased by 12.62 percent since the beginning of the year.
Turner vice president Karl Almstead said the dip in construction costs is reflective of decreased private sector development and investment.
"Commodity prices have slightly increased due to global demand, but have not resulted in upward pressure on construction pricing," Almstead said in a statement. He added that competitiveness in the building construction industry is driving labor to increase productivity, therefore, reducing labor costs.
Turner completed $10.7 billion of construction last year.