Construction Materials Prices Spike Nationwide in March
The cost of construction materials jumped in March, even as the amount contractors charge to complete projects remained stagnant, according to a recent analysis of producer price index figures released today by the Associated General Contractors of America.
“Price shocks for a number of key construction materials may have caught contractors by surprise in a period when overall inflation remained very moderate,” said Ken Simonson, the association’s chief economist. “Even though the increases are generally small compared to the high levels of last March, contractors have not been able to pass along these new costs, putting firms at risk of insolvency.”