Impacts from rising construction material prices still are being felt despite recent signs of stabilization, reports Engineering News-Record.
The Associated General Contractors of America report says construction input prices were up 1.1% in June from May, and rose 16.8% from June 2021.
“Some materials prices have fallen recently but others appear headed for further increases,” says Ken Simonson, AGC chief economist, in a statement. “Since these prices were collected, producers of gypsum, concrete, and other products have announced or implemented new increases. In addition, the supply chain remains fragile and persistent difficulties filling job openings mean construction costs are likely to remain elevated despite declines in some prices.”
Construction input prices tracked by the Associated Builders and Contractors jumped 1.9% in June compared to the previous month, and are up 20.1% year-over-year. Both industry groups base their analyses on data published by the U.S. Bureau of Labor Statistics. Read the entire story.