Findings from a Turner & Townsend study of construction costs in 35 global markets revealed international construction activity is increasing, with rising levels of property development more than making up for the plunge in oil and gas sector work. However, the recovery is patchy, with fewer than a quarter of the markets studied expecting to see higher levels of activity next year. 

New York has the world’s highest construction costs, with the average project in the city costing $3,488 per square meter— up 5 percent in the past year. Moscow is suffering the highest levels of cost inflation: up 20 percent in just 12 months. All markets are experiencing booms in residential and commercial property development, with Seattle in particular benefitting from its reputation as a tech city.