Construction material prices increased 10.1% between November 2021 and November 2022, according to an analysis by the Associated General Contractors of America.
From October to November, overall construction material prices decreased 0.4%.
“Although inflationary pressures are cooling in some areas, overall costs for construction are still rising at painfully high rates,” AGC Chief Economist Ken Simonson said in a statement. “In addition, subcontractors are reacting to higher materials and labor costs by raising their prices.”
The producer price index for architectural coatings surged 26.3% year-over-year and increased 1.9% month-over-month. Diesel fuel was up 59.6% from November 2021 and increased 17.6% compared with October. Lumber and plywood producer prices continued to decline after record-high surges in 2021, dropping 5.8% compared with November 2021 and 10.2% compared with October.
The full AGC report can be found here.
