Here’s a line graph that compares various types of construction and the rising cost over the years. Residential construction costs have risen the most and have continued to rise. It wasn’t long ago when a home could be built for $150 per sq ft, but now the average in my market is closer to $400 per sq ft. Even the purchase of an old home (in Seattle) proportions out to around $400 per sq ft or more, so it’s also expensive to move. Just last year, an 8’ long 2x4 was about $2. Now it’s over $8! We have all felt this growing trend in the construction industry, and I am always looking for cost saving, smart design strategies, to make remodels and new construction projects affordable for my clients. The graphs below from respected analyst, https://edzarenski.com/, depict the growing trend (and cost) associated with the residential construction industry which has been growing as more people are spending more time living (and working) at home during the pandemic.
***amended for 2023 figures, most builders of full home projects tend to charge around $400 per square foot for entry level construction quality and $600 and up for high end quality. Smaller projects tend to have less economy of scale and can cost more.***
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