San Francisco is now the most expensive city in the world to build, leaving the New York City behind, according to Turner & Townsend’s International Construction Market Survey.
San Francisco has an average building cost of $417 per sq. ft. and the number is expected to increase 6% in the next year, The Real Deal reports.
Whereas, in New York, the average building cost was $368 per sq. ft.; the number is likely to go up 3% this year.
New York has the highest labor costs of the U.S. markets surveyed at an average $101.30 per hour, while San Francisco has $90 per hour, followed by Seattle at $75.50 per hour and Chicago with $69.60, according to the report.