Key facts
- Concrete flatwork bids ranged from $4.50 to $20.85 per square foot across 26 metro areas.
- Sun Belt metros averaged $9.40 per square foot for concrete flatwork, while northern/coastal metros averaged $11.97.
- New York City's concrete flatwork bids were 40% to double the national average of $10 per square foot.
- Inaccurate regional cost assumptions can lead to overstatements in appraisals and compounding errors in draw schedules.
National average cost-per-square-foot figures used in construction lending are often inaccurate, according to an analysis of state Department of Transportation bid tabulations. The study, which examined 1,233 public contracts for concrete flatwork placement across 26 metropolitan areas between 2023 and 2026, found significant price disparities for the same standardized item.
Bids for installed concrete flatwork ranged from $4.50 per square foot in Detroit to $13.68 in New York, with a median metro bid of $9.89 per square foot. Sun Belt metros averaged $9.40 per square foot, while northern and coastal metros averaged $11.97. New York City's bids were found to be 40% to double the national average of around $10 per square foot.
The analysis highlights that these regional cost errors can lead to overstatements in appraisals and compounding inaccuracies in construction draw schedules and renovation lending, as the figures are often not obviously wrong and thus go unchecked.