2023 Building Material Prices in the USA to Improve

Published: 22.12.2022 Related countries:  U.S.A. U.S.A.

Prices and lead times for construction materials like concrete, cement, steel, lumber, insulation, drywall and HVAC equipment are expected to stabilize in 2024, but skilled labor shortages are expected to remain high in the coming year.

Some good news for the construction industry into 2024 comes in the form of declining material prices. Other materials have stabilized in terms of pricing but continued high demand will keep prices up.

The Producer Price Index, a composite index of construction materials, indicates that material prices and bid price inflation peaked between late 2021 and early 2022.

While the market is improving, material prices will be impacted differently based on demand. Projections show inflation will start to cool in the back half of next year, but skilled labor will remain a challenge.

Job openings in construction for skilled labor remains at record high levels.

Source: www.equipmentworld.com

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