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Higher Material Prices Here to Stay

Article-Higher Material Prices Here to Stay

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More upward pressure on the cost of building products will lead to a permanent shift in prices, according to construction industry sources.

The rollercoaster ride of construction material prices is lining up to throw contractors for another loop. 

Although prices for key input commodities should continue to fall in 2023 and 2024, according to a report from Oxford Economics, the level still remains greatly elevated compared to pre-pandemic. 

About 82.5% of construction materials experienced a significant cost increase since 2020, with an average jump of 19%, according to a construction materials report from construction cost data tracking firm Gordian.

To read the rest of this story from our sister publication, Constrution Dive, click here.

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