The average cost per square foot of three-story hospital construction rose from $362.69 to $419.18 from 2019 to 2023, an increase of more than 15 percent, Building Design + Construction reported April 13.
Hospital construction in New York City rose from $484.88 in 2019 to $540.45 in 2023. Inflationary pressures and the need for critical system upgrades have increased construction costs.
Houston is one of the more affordable major cities for hospital construction at $357.30 per square foot in 2023.
Building Design + Construction used data from Gordian's RSMeans Online Building Models for the report.