Prices for construction materials continued to soar in February year-over-year, an analysis by the Associated General Contractors of America showed.
Prices for new residential construction materials increased 18.4% year-over-year in February, and prices for new nonresidential construction surged 21.2% year-over-year. As the war in Ukraine continues, material prices are likely to continue to steepen, according to AGC.
“Even though the February numbers represent some of the highest year-over-year price increases ever recorded, they have already been surpassed by even steeper price hikes since the war in Ukraine broke out,” stated Ken Simonson, AGC’s chief economist. “Since the time these prices were collected, multiple increases have taken effect for metals, fuel, and trucking, while supply chains have become even more snarled.”
Nearly all material categories recorded double-digit price increases. Prices for lumber and plywood soared 22.5% from February 2021, and architectural coatings prices climbed 20.3%. Transportation of freight prices increased 19.1%.
The full AGC report can be found here.
