Construction input prices increased 0.4% in March compared with February, according to an Associated Builders and Contractors analysis of the U.S. Bureau of Labor Statistics’ Producer Price Index data.
Overall construction input prices were 1.7% higher than the previous year.
“In addition to supply chain issues, there is an abundance of publicly and privately financed megaprojects around the nation, massively increasing demand for certain inputs, and a majority of contractors expect their sales to increase over the next six months, according to ABC’s Construction Confidence Index," stated ABC Chief Economist Anirban Basu. "With continuing wage pressures and elevated borrowing costs, the implication is that financing construction projects will remain expensive relative to historic norms for the foreseeable future.”
The complete report from ABC can be found here.
