Determining the construction cost of a building is complex due to multiple influencing factors, including land price, labor costs, design specifics, and potential delays. Different types of buildings entail different requirements, affecting the overall expenses incurred. Location plays a pivotal role, as costs can fluctuate significantly based on geographic area. Despite these variabilities, some buildings have seen costs exceeding $1 billion. The intricacies of construction logistics make it challenging to pinpoint exact expenses, leading to estimates rather than precise calculations.
"The problem is there are just so many elements to the cost of these things," Jason Barr, an economics professor at Rutgers University, told Business Insider.
"All you can do is infer the cost, and there's just so many moving parts that it's nearly impossible," he said.
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