Senior Living Construction Costs Still Rising, With Some Signs of Relief Ahead

The cost of building a senior living community continues to rise in 2024, according to the latest report from Weitz Company. Construction costs for independent and assisted living units have increased compared to last year, with labor shortages and price escalations contributing to the higher expenses. Despite the challenges, there are signs of relief on the horizon, as the public sector’s construction volume is up and the possibility of federal interest rate cuts is generating optimism in the industry.