Construction input prices increased 1.4% in February, an analysis by the Associated Builders and Contractors showed.
Compared with February 2023, construction input prices were up 1.5%.
“For the last several weeks, inflation data have been coming in hotter than anticipated,” ABC Chief Economist Anirban Basu said in a statement. “This was also true for the February construction input price data, which indicated that upward price pressures are reemerging after a period of calm.”
The higher input prices suggest lower demand for construction services and that project owners “are less likely to move forward with construction work given already high and rising input costs,” Basu added.
Input prices for adhesives and sealants rose 0.1% year-over-year, while input prices for lumber and wood products fell 2.8% year-over-year.
The full ABC report can be found at this link.
