Construction Input Prices See Largest Monthly Increase Since June, Says ABC
Construction input prices increased 1.5% in October, according to an Associated Builders and Contractors analysis of the U.S. Bureau of Labor Statistics’ Producer Price Index data. Nonresidential construction input prices increased 1.4% for the month.
Construction input prices are 21.1% higher than in October 2020, while nonresidential construction input prices increased 22.3% over that span. Steel mill product prices have increased 141.6% since October 2020, while iron and steel prices are up 101.5%. Softwood lumber prices, which surged during the pandemic, are now down 19.5% from the same time last year.