A new report finds that construction costs increased at a slightly faster pace in Milwaukee than in five other big U.S. cities last year.
Mortenson, of Golden Valley, Minn., reported Thursday that its index for the cost of various construction components in Milwaukee increased by 8.3 percent in 2018. That was higher than the 7 percent average Mortenson found when costs in Milwaukee were averaged in with those in five other cities: Chicago, Denver, Minneapolis, Phoenix and Seattle.
Mortenson also noted that employment in the Milwaukee-area construction industry increased by 5 percent in 2018.
The company predicts materials costs will increase at a more moderate rate next year, going up by between 4 and 6 percent. The company said the effects of new federal tariffs have mostly been figured into prices already but that its assumptions would have to change if the U.S. were to have more trade skirmishes with China or other countries.