The price of materials and services used in nonresidential construction increased by 0.4 percent from January to February, outpacing the 0.1 percent increase in contractors’ bid prices, according to an analysis by the Associated General Contractors of America of government data released today. Association officials urged the Biden Administration to rethink planned Buy America limits on the materials firms can use on a broad range of projects that will make many key materials even more expensive.
“Today’s price report shows that construction costs are not necessarily settling back to ‘normal’,” said Ken Simonson, the association’s chief economist. “A resurgence of prices for glass, metals, cement, and paving materials suggests many projects may get more expensive in coming months.”
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