Construction costs in Q3 2025 stayed largely stable. The building cost index is up 2.5% year-over-year but down 14% from last quarter. Labor continues to be the main pressure point. Steel has eased after its early-year jump, concrete has leveled off, and lumber spiked before correcting—signaling a shift back to moderate growth rather than sharp swings. Overall, the market shows steady, manageable increases this quarter, creating a favorable window to lock in budgets before further escalation.