Construction material prices increased from July to August but were down from August 2023, according to an Associated Builders and Contractors analysis of U.S. Bureau of Labor Statistics data.
Prices increased 0.1% from July to August but were down 0.9% from August 2023.
Meanwhile, multifamily construction prices experienced a 0.4% year-over-year increase but were unchanged from July to August.
“Moderating materials price escalation, along with easing labor constraints and the near certainty that the Federal Reserve will begin lowering interest rates at its next meeting, should provide some relief to contractors over the next several months,” ABC Chief Economist Anirban Basu said in a statement.
Read the full ABC report here.
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