Monthly Construction Input Prices Unchanged in November
Construction input prices were unchanged in November compared to the previous month, according to the recently released U.S. Bureau of Labor Statistics’ Producer Price Index data.
Overall construction input prices are 0.5% higher than a year ago, while nonresidential construction input prices are 0.3% higher.
Nonresidential construction input prices increased 0.1% for the month. Prices decreased in two of the three energy subcategories last month. Crude petroleum prices were down 3.3%, while unprocessed energy materials prices were down 2.0%. Natural gas prices were up 2.6% in November.
“Construction input prices are up just 0.2% through the first 11 months of 2024,” said Anirban Basu, Associated Builders and Contractors chief economist. “However, that encouraging year-to-date price growth primarily reflects declining energy prices and obscures price escalation that has occurred for specific materials.”
He noted that prices for copper wire, cable, and softwood lumber are up nearly 12% year over year.
“While input prices have, in total, been well behaved, yesterday’s Consumer Price Index release indicated that economywide inflation reaccelerated in November,” Basu said. “The year-over-year rate of price increase, at 2.7%, remains close to the Federal Reserve’s 2.0% target, yet the recent uptick suggests that inflation may prove more stubborn than previously expected.”
However, despite the potential inflationary rebound, contractors remain optimistic heading into 2025.
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