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Prices for Building Materials Continue to Rise

Building Materials

Prices for Building Materials Continue to Rise

Goods used in residential construction are becoming even more expensive after record price gains throughout the pandemic

April 14, 2022
Raw building materials
Image: Stock.adobe.com

The latest PPI report released by the Bureau of Labor Statistics reveals that prices of goods used in residential construction ex-energy rose by 1.4% in March, adding to a total 8% year-to-date increase, according to NAHB Eye on Housing. The PPI for softwood lumber increased 6% in March after significant gains at the start of the year and a 90.3% gain since September 2021.

On the contrary, prices for steel products and ready-mix concrete declined in March, but remain elevated after months of consecutive increases during the pandemic.

Year-over-year, building materials prices increased 20.4% and have risen 33% since the start of the pandemic.

The price index of services inputs to residential construction registered even steeper increases, rising 3.2% in March, 5.1% in February, and 6.2% in January. As a result, the price index of services used in home building (including trade services, transportation and warehousing) went up 15.2% since the start of the year. Year-over-year, the index increased 18.5%. Counting since the start of the pandemic, services prices are now 39% higher.

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