The cost of goods and services used in construction climbed by a record-setting 4.3 percent in May and 24.3 percent over the past 12 months, according to an analysis by the Associated General Contractors of America of government data.
The 24.3 percent increase in prices for materials used in construction from May 2020 to last month was nearly twice as great as in any previous year.
The producer price index for lumber and plywood more than doubled, up 111 percent from May 2020 to last month. The index for steel mill products climbed 75.6 percent, while the index for copper and brass mill shapes rose 60.4 percent and the index for aluminum mill shapes increased 28.6 percent. The index for plastic construction products rose 17.5 percent, and the index for gypsum products such as wallboard climbed 14.1 percent.
For more, visit www.agc.org.