Construction Materials Prices Soar in July

Double-digit percentage price increases were recorded for materials used in every type of construction in July, according to an analysis by the Associated General Contractors of America.

The index for lumber and plywood jumped 56.8% despite a drop in mill prices from May to July.

The price index for steel mill products soared 108.6%, and the index for copper and brass mill shapes and the index for aluminum mill shapes increased 49.0% and 33.2%, respectively.

“July was the sixth-straight month of double-digit price increases for construction inputs,” stated Ken Simonson, AGC’s chief economist. “In addition, lead times to produce or deliver many items keep lengthening. Many reports since the government collected this price data in mid-July show the trend will continue, at a minimum into the autumn and likely beyond, unless tariffs and quotas are removed.”