The price of materials and services used in nonresidential construction jumped 12.6 percent in September from a year earlier despite a dip of 0.2 percent last month, according to an analysis by the Associated General Contractors of America of government data released today. Association officials note that the construction industry was suffering the most from inflation, adding that new Buy America rules set to go into effect as soon as next month will only make the situation more dire.
“Today’s price report shows that costs for construction continue to outpace those of other industries,” said Ken Simonson, the association’s chief economist. “Furthermore, the steep runup in diesel prices in the last few weeks is likely to make projects still more expensive to complete.”
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