Construction input prices declined 0.5% in September, according to an Associated Builders and Contractors analysis of U.S. Bureau of Labor Statistics’ Producer Price Index data. Nonresidential construction input prices fell 0.4% for the month.
Despite the monthly decline, construction input prices are 18.9% higher than in September 2020. Nonresidential construction input prices increased 20.2% over that span. Steel mill products experienced the largest year-over-year increase, rising 134.2%, while iron and steel prices nearly doubled, rising 96.3%. All three energy subcategories experienced significant price increases. Natural gas prices were up 120.9% compared to last year, while crude petroleum and unprocessed energy materials prices increased 89.1% and 84.8%, respectively.
Reprinted courtesy of ABC, Construction Executive, a publication of Associated Builders and Contractors. All rights reserved.