August 4, 2017, Alyssa Salela, McKnight's Long-Term Care News - The cost of construction for both mid-level and high-level skilled nursing projects is expected to increase through the end of the term, according to a brief published Wednesday.
Adding to rising prices for materials such as lumber is a a builder workforce shortage, according to the Weitz Company brief. That's expected to hit the senior housing construction market, along with inflation hovering between 4% and 6%.
In addition to lumber, steel prices are trending higher in 2017, while asphalt is lower, experts said.
Mid-level projects, which are typically those with wood-framed construction and standard finishes, are projected to cost between $193 and $227 per square foot. This is roughly a 1.7% increase from the range reported in a brief published in January.
High-level projects, which are those constructed with luxury finishes and amenities, are expected to cost between $246 and $313 per square foot in comparison to the previously reported $241 to $311 range.
Costs for assisted living projects were ........ CLICK HERE TO READ MORE