All across the Twin Cities metro, tower cranes dot the skyline. Kare 11, the Minneapolis-St. Paul area’s NBC affiliate, has taken note and recently asked McGough’s Chief Operating Officer, Brad Wood, for insights on the increase in construction costs over the last year. See what Brad had to say below!
Clarification: Brad’s comment on escalation appears misinterpreted to suggest that total building costs have increased two- to three- fold in recent years. However, the original comment was intended to describe the doubling / tripling of annual growth rate percentages for many construction inputs. This higher-than-average recent growth rate correlates directly with increased demand for materials and labor.