Rising construction materials prices appear to be starting to drive up the price of construction projects, according to an analysis by the Associated General Contractors of America of government data released today. Association officials noted that despite a big jump in what contractors charge for projects, the rise in materials prices is still much higher.
“After being battered by unprecedented price increases for many materials, contractors are finally passing along more of their costs,” said Ken Simonson, the association’s chief economist. “Meanwhile, supply-chain bottlenecks and labor shortages continue to impede contractors’ ability to finish projects.”
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