Construction Inflation Stalls Projects as Material Costs Reach Critical Levels
Material prices continue to skyrocket and developers are reporting nationwide delays and scuttled projects in commercial real estate construction.
The prices of lumber, steel, plastics, gypsum, wallboard, insulation and cement are all rapidly rising. Lumber prices are still the most impacted with costs 86% higher since April. 2020. All of these inflated costs are directly impacting whether projects are being built.
"Pretty much you name it, it is going up in price — sometimes to record levels," Economist Ken Simonson said. "I've been AGC's [Associated General Contractors of America] chief economist for almost 20 years and have never seen so many things go up so frequently and steeply at one time."
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