MHProNews has learned from constructiondive that the latest National Association of Homebuilders (NAHB) Cost of Construction survey reveals the average construction cost of a single-family home, 2,802 square feet, has risen to $289,415, increasing from $95 per square foot in 2013 to $103 per sf today.

Builders reported cost increases of five percent or less for labor, materials and subcontractors, but up to a 24 percent rise for framing and truss materials. They also reported difficulty locating framing crews. Some foundation work, concrete, block/brick and backfill costs hae risen 13-18 percent.

The average price of a single-family home hit $468,318 this year, up from $345,800 in 2014, but builder profit was down .3 percent from 2013. The rise has more to do with costs than profit. ##

(Photo credit: housingwire)

Article submitted by Matthew J. Silver to Daily Business News-MHProNews.