Construction costs accelerated again in June, with steep price increases for a range of building and road construction materials as tariffs against foreign goods come into effect, according to an analysis of new labor department data conducted by the Associated General Contractors of America (AGC). The producer price index (PPI) for aluminum mill shapes jumped by 20 percent between June 2017 and June 2018, reports AGC chief economist Ken Simonson; copper and brass mill shapes saw an increase of 17.4 percent during this period, while steel mill products rose 12.3 percent.
“Contractors’ costs for a wide range of materials and services have escalated dramatically in the past few months, putting a squeeze on profits and dimming the outlook for both public and private projects,” added Simonson.
Simonson added that he expected costs to continue to rise. Read the full story here. https://www.constructionspecifier.com/metal-tariffs-continue-to-ramp-up-u-s-construction-costs/
In the comments section, share how the rising cost of materials is impacting the work you do.