Construction input prices dipped 0.6% in December, according to an analysis by the Associated Builders and Contractors. Compared with December 2022, overall construction input prices were up 1.2%.
“Construction input prices fell sharply in December,” ABC Chief Economist Anirban Basu stated. “While plunging oil prices are the primary factor behind the sharp decline, most input prices were tame in 2023’s final month. That serves as a fitting end to a year during which aggregate input prices increased just 1.2% and many individual commodity prices actually fell.
Lumber and wood products prices rose 0.1% month-over-month but saw a 4.4% decline compared with December 2022. Adhesives and sealants were unchanged compared with November but saw a 1.6% gain year-over-year.
