Report: Construction industry faces price increases

The cost of construction is increasing nationwide, including Florida, where the industry accounted for $97 billion, or 5.7%, of the state’s gross domestic product in 2024, according to Florida TaxWatch.

Contributing to the increase in construction costs are inflation, trade agreement uncertainty and supply chain disruptions, the report from the government watchdog and taxpayer research institute says.

In Florida, “the construction industry is expected to grow by 7% in 2025, with a focus on mixed-use and infrastructure developments,” Florida TaxWatch President and CEO Dominic Calabro says in a statement.