Building Material Price Growth Stalls in August
- WAH Consulting
- Oct 24, 2019
- 1 min read
National Association of Home Builders Prices paid for goods used in residential construction decreased 0.8% in August, according to the Producer Price Index (PPI) from the Bureau of Labor Statistics. Building material prices have decreased an average of 0.1% over the past 12 months and prices have risen 2.0% in the 2019 calendar year, significantly behind the growth rate generated from January to August in 2018. The PPI reported prices for softwood lumber fell for the fourth time in five months. Softwood lumber prices are 11.6% lower than they were in 2018. The price indexes for lumber and plywood, goods used in residential maintenance and repair, and prepared asphalt and tar roofing products changed -1.2%, -0.8%, and +0.3%, respectively, over the month.
This is an insightful update on the construction industry. While building material price growth stalled in August, contractors still need accurate budgeting and planning to maintain profitability. Professional drywall estimating services can help construction businesses manage costs effectively, reduce waste, and prepare more competitive bids in a changing market. Great analysis of an important trend affecting contractors and project owners alike.
Building material price growth slowing down in August is encouraging news for contractors and developers. More stable material costs can improve budgeting accuracy and reduce financial uncertainty on construction projects. Businesses relying on Construction Estimating Services Arizona can benefit from more predictable pricing, allowing for more competitive bids, better cost control, and improved project planning in an evolving construction market.
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