Construction Cost Overview – Greensboro, NC

Construction Cost Ranges (2024–2025)

In Greensboro, NC, industrial construction cost guides indicate that total project costs—including site work, structural enclosure, architectural finishes, MEP systems, general contractor fees, and contingency—have shown moderate year‑over‑year shifts between 2023 and 2024. These trends suggest that contractors and construction managers should anticipate evolving cost structures for small, medium, and large-scale industrial projects.

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Labor Cost Trends

According to the U.S. Bureau of Labor Statistics, the average hourly wage across all occupations in the Greensboro–High Point metro area was lower than the national average in May 2024. Specifically, construction and extraction trades averaged below the national mean, indicating competitive labor rates for trade labor, journeyman, and subcontractor services in the region.

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Equipment Hire Costs

While specific daily, weekly, or monthly equipment rental rates are not publicly listed here, Greensboro’s construction market reflects regional norms where equipment hire costs are influenced by project scale, duration, and availability. Contractors should plan for variable equipment hire budgets aligned with industrial and commercial project timelines.

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Local Cost Drivers

• Permitting and Regulatory Fees: The City of Greensboro’s planning department reported that building permit valuations exceeded $1 billion in recent years, reflecting robust development activity and potentially elevated permit-related costs.
• Site Access and Infrastructure: Ongoing large-scale projects—such as the JetZero aerospace hub at Piedmont Triad International Airport and Coliseum renovations—are driving demand for logistics, staging, and access improvements.
• Material Delivery and Supply Chain: Regional material pricing trends—such as elevated steel, roofing, and MEP component costs—are impacting project budgets, especially where early procurement and supply chain planning are critical.

Current Economic Context for Greensboro Construction

Greensboro’s construction sector remains active, with building permit values reaching historic highs—over $1 billion—marking a 37 percent increase from 2022. While development momentum slowed slightly in 2023, the city continues to grow, supported by major projects like the JetZero manufacturing hub and Coliseum upgrades. At the same time, industrial real estate metrics show a rebound in Q1 2025 with positive absorption and new deliveries, though vacancy rates have risen modestly and asking rents have softened slightly.