Construction Input Prices Tick Down on Lower Energy Costs
Date Posted: October 15, 2024
Posted In: News, Projects,
From Construction Dive: Construction input prices decreased 0.9% in September due to dips in two of three energy subcategories, according to an analysis by Associated Builders and Contractors.
The drop reflects the trend of overall material price stabilization over the past 12 months. Construction input prices are 1.9% lower than a year ago, while nonresidential construction input prices dropped 2.1% during that span, according to the report.
“The decline in construction input costs observed in September was almost entirely due to a large decrease in oil prices,” said Anirban Basu, ABC chief economist. Nevertheless, certain materials posted notable price increases for the month, including gypsum, fabricated structural-metal products, asphalt and lumber.
Dive Insight:
Material prices remained relatively stable in September, said Macrina Wilkins, senior research analyst with the Associated General Contractors of America, in an email to Construction Dive.
However, Wilkins pointed out that over the past year, there has been significant variation in specific materials, particularly with diesel, fabricated structural metal, steel mill products, insulation and copper and brass mill shapes.