Prices of numerous construction materials soared again in November, outpacing the rate at which contractors raised their bid prices, according to an analysis by the Associated General Contractors of America of government data released today. Association officials said the current steps being taken to address supply chain problems and rising prices have been insufficient and urged public officials to redouble their efforts.
“Prices for nearly every type of construction material are rising at runaway rates,” said Ken Simonson, the association’s chief economist. “These costs are compounding the difficulties contractors are experiencing from long lead times for production, gridlocked supply chains, and record numbers of job openings.”
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