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Construction Prices Post Third Consecutive Monthly Decline

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Building Materials

Construction Prices Post Third Consecutive Monthly Decline

Residential construction costs are declining, but prices for some building materials continue to reach new highs

June 15, 2023
Construction workers pouring concrete on jobsite
Image: neiezhmakov / stock.adobe.com

Construction input prices are now 3.7% lower than they were a year ago after posting a 0.6% monthly decline in May, the third consecutive month of reduced costs, Construction Dive reports. Easing prices suggest builders are finally finding relief from supply chain disruptions and consistent price escalations, but experts say the days of material price volatility are far from over.

Concrete prices moved higher for the 30th consecutive month, with a 1.1% increase in May, and steel mill products also rose 5.2% in May after a 3.6% gain in April.

Construction input prices are now 3.7% lower than a year ago and are continuing to fall. However, much of that drop is tied to energy, steel and softwood lumber, said Anirban Basu, ABC chief economist.

“Beyond those spheres, there is plenty of input price inflation,” said Basu. “With so many public and private megaprojects under development in the United States, it is likely that many input price categories will continue to show inflationary tendencies even if the overall economy dips into recession.”

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