Construction material prices declined 0.3% in November, according to an analysis by the Associated Builders and Contractors (ABC).
Year-over-year, overall construction input prices were down 0.8%.
“Construction input prices declined for the second straight month in November,” ABC Chief Economist Anirban Basu said in a statement. “While much of the recent decline is due to record domestic oil production and the resulting precipitous decline in gas and diesel prices, other commodities like iron and steel and lumber products are currently more affordable than they were at the same time last year. Falling, or at the very least stable, input prices should help to control construction cost increases in the coming quarters. This is a welcome development for an industry still dealing with extraordinarily elevated financing costs and rising labor costs due to ongoing worker shortages.”
