[font=Verdana]According to a new study by PinnacleOne, a construction consulting firm, an overwhelming majority (92%) of public owners have experienced a price increase in construction project bidding during the past year. The average price increase for the 167 owners interviewed was 13.2 percent, more than four times the rate of inflation. A majority (60%) of the owners reported average price increases of 10 percent or more, with better than a quarter (27%) experiencing an average increase over 15 percent and almost a fifth of respondents (18%) saw their average bid price jump by more than 20 percent. The cost of both oil/gas and steel were viewed as the primary drivers of the project price increases by the owners.[/font]

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