Inputs to nonresidential construction rose 0.6% since October and 3.8% since November 2024, while in the multifamily sector, monthly prices increased 0.4% while yearly prices are up 2.9%. Copper wire and cable, fabricated structural metal products and hot rolled steel bars, plates and structural shapes experienced some of the highest yearly increases.

“Many tariff-affected materials, like derivative metal products and switchgear equipment, have experienced considerable price escalation in 2025,” said Basu. “Prices for aluminum mill shapes and primary and secondary nonferrous metals are both up more than 25% over the past year.”

Ken Simonson, chief economist at Associated General Contractors of America, also noted the tariff’s impact. “Input costs for construction are rising faster than for producers or consumers in general, partly because the industry is faced with steep tariffs on many materials,” Simonson said in a statement. “Although many contractors are accelerating purchases and attempting to pass along cost increases, their bid prices have not kept up, rising only 2.7% in the past 12 months.”