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Inflation question-Estimate went up $20K!

2 months ago

Hi all!
Quick question… Is it possible for a basement project to cost $17K more now vs in 2021? I know costs have gone up and I trust my contractor, but this seems crazy. Don’t know how it’s possible ! It’s a project to finish a 640 sq foot basement . Nothing too fancy. Tile floor. In 2021 , the contractor quoted me $32k and same contractor now $49k. I’m in northern NJ , for reference. Would love opinions. Thx in advance!

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