New Mexico Construction Cost Calculator
Based on the search results, I’ve compiled a table summarizing key information about construction costs in New Mexico. Here’s what you need to know:
| Category | Details |
|---|---|
| Average Cost per Square Foot | $158.75 1 |
| Cost Range per Square Foot | $100 – $180 3 |
| Average Total Cost | $290,940 (excluding land, permits, etc.) 1 |
| Total Cost Range | $155,000 – $416,250 8 |
| Material Costs | Approximately 50% of total construction budget 1 |
| Labor Costs | 30% to 60% of total construction budget 1 |
| Residential Construction | Starting at $175 per square foot (value-based) 5 |
| Mid-Range Construction | Starting at $225 per square foot 5 |
| High-End Construction | Starting at $275 per square foot 5 |
| Energy-Efficient Construction | $200 to $400 per square foot 5 |
| Average Hourly Earnings (Construction) | $31.60 (as of February 2024) 11 |
| Construction Cost Increase (2023-2024) | 3% to 6% projected 10 |
| School Construction Cost Increase | 138% increase since 2019 12 |
| Labor Shortage | At least 2,000 additional workers needed 12 |
Additional Notes:
- Costs can vary significantly based on location, materials, design complexity, and labor availability.
- Urban areas like Albuquerque or Santa Fe may have higher costs compared to rural areas.
- Recent trends show rapidly increasing construction costs, particularly in public projects.
- Energy-efficient and sustainable building practices may increase initial costs but can lead to long-term savings.
- Always get multiple quotes from contractors and factor in permits, fees, and potential cost increases when budgeting.
Remember that these figures are estimates and can change based on market conditions and specific project requirements. For accurate cost estimates, it’s best to consult with local contractors or construction cost estimators.