Construction material prices fell 0.3% from May to June, yet are 1.1% higher compared to June 2023, according to the Associated Builders and Contractors.
While prices in all construction subcategories have decreased since May, they are still higher than they were a year ago and significantly higher since February 2020.
Over the last year, multifamily construction saw the highest increase in materials at 2.1% among all subcategories.
“Construction materials prices dipped in June, perhaps a reflection of declining project starts in a number of construction segments and an associated dip in demand,” ABC Chief Economist Anirban Basu said in a statement.
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