Americas Industrial Construction Cost Guide 2024

Construction costs have risen significantly over the last five years in other Americas markets, including Canada and Mexico. Canadian new commercial building costs increased 32% over the last five years, but this growth slowed on a YOY basis as costs grew a more subdued 5.5%. Likewise, building costs in Mexico climbed 40% from 2019 to 2024 but grew just 1.3% on a YOY basis.

CANADA COMMERCIAL BUILDING CONSTRUCTION PRICE INDEX

150

140

130

120

110

100 New Commercial Buildings (Index 2017=100, SA

90

2017Q1

2021Q1

2015Q1

2018Q1

2016Q1

2019Q1

2014Q1

2017Q2

2021Q2

2022Q1

2017Q3

2015Q2

2021Q3

2023Q1

2015Q3

2018Q2

2018Q3

2016Q2

2019Q2

2016Q3

2019Q3

2017Q4

2014Q2

2021Q4

2015Q4

2014Q3

2018Q4

2020Q1

2016Q4

2019Q4

2014Q4

2022Q2

2022Q3

2023Q2

2023Q3

2022Q4

2023Q4

2020Q2

2020Q3

2020Q4

Source: Cushman & Wakefield Research Source: Moody’s Analytics, Cushman & Wakefield Research

MEXICO BUILDING PRICE INDEX (COMMERCIAL AND RESIDENTIAL)

150

140

130

120

110

100

90

80

Producer Price Index-Buildings (Index Jul2019=100, NSA)

70

60

Jan-17

Jan-21

Jan-15

Jan-18

Jan-19

Jan-16

Jan-14

Sep-17

Sep-21

Sep-15

Sep-18

Sep-19

Sep-16

Sep-14

Jan-22

Jan-23

May-17

May-21

May-15

Jan-24

May-18

May-19

May-16

Jan-20

May-14

Sep-22

Sep-23

Sep-20

May-22

May-23

May-20

Source: Moody’s Analytics, Cushman & Wakefield Research

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