Building Materials Rise 19% Year-Over-Year
Prices for most in-demand building materials are still rising after consecutive monthly gains at the […]
Prices for most in-demand building materials are still rising after consecutive monthly gains at the start of 2022
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.
