Why did the construction costs for the new building rise so much in just a few years?
The cost of construction increased significantly between 2002 and 2005 due to global demand on building materials. Concrete and steel cost increases have had the greatest impact. Also, oil prices have forced up the cost of petroleum based products such as asphalt, and has made the delivery of materials more expensive. The year 2006 showed a leveling period, followed by declining costs in 2007 and 2008. The decline in prices has been moderate in comparison to the sharp spike between 2002 through 2005.
