Construction material prices increased 20% from January 2021 to January 2022, the Associated General Contractors of America reported.
The index for lumber and plywood surged 15.4% month-over-month and 21.1% year-over-year, according to AGC.
“Unfortunately, there has been no letup early this year in the extreme cost runup that contractors endured in 2021,” Ken Simonson, AGC’s chief economist, said in a statement. “They are apparently passing on more of those costs but will have a continuing challenge in getting timely deliveries and finding enough workers.”
Trucking prices increased 18.3% over the past 12 months, and construction machinery and equipment prices increased 11.4%.
The full AGC report can be found here.
