The cost of construction materials accelerated dramatically in February after moderating for several months, according to an analysis of producer price index figures released today by AGC. As a result, construction firms will be forced to pay more for key materials even as demand for construction remains weak, AGC officials noted.
“Prices for a wide range of construction inputs rose sharply in February, threatening to put contractors out of business and leave public projects underfunded unless materials can be ordered before prices jump further,” said Ken Simonson, AGC’s chief economist. “Contractors had finally begun to cover the modest increases of the last few months but now many of them are facing increases they may not be able to afford, given the industry’s meager margins.”
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