Building Materials Rise 19% Year-Over-Year
The latest Producer Price Index report (PPI) released by the Bureau of Labor Statistics revealed another upward trajectory in the prices of goods used in residential construction ex-energy, which rose 0.5% during April and are now up 19.2% year-over-year, according to NAHB Eye on Housing. The PPI for softwood lumber fell 15.6% in April after gains in February and March, but prices for steel products and ready-mix concrete rose by 2.4% and 1.3%, respectively.
Year-over-year, building materials prices are up 19.2% and have risen 35.6% since the start of the pandemic.
The price index of services inputs to residential construction registered a similar increase, rising 0.9% in April. However, the index was upwardly revised for March, causing the monthly increase to jump from 3.2% to 6.8% over the month.