Overall, construction materials prices fell 0.5 percent in November and are up only 1.1 percent year over year, according to the Department of Labor’s Dec. 13 Producer Price Index. Nonresidential construction materials are down 0.6 percent for the month and are 0.7 percent lower than the same time last year.
“November represented another month of remarkable stability for construction input prices,” said Associated Builders and Contractors (ABC) Chief Economist Anirban Basu. “Although many investors predicted significant inflation this year due to expansionary monetary policies in much of the developed world, there continues to be a lack of significant inflationary pressures both globally and nationally.”
Overall, the nation’s wholesale goods prices expanded 0.2 percent in November, but are down 0.9 percent year over year.
“Next year is unlikely to offer as much stability as 2013,” Basu said. “Global economic growth is set to accelerate and the apparent budget deal in Congress should produce greater certainty among businesses, helping improve an already benign national economic forecast. Tension in the Middle East also continues to be a consideration. Together, these factors suggest materials price increases may be at least slightly more rapid in 2014.”
THE FOLLOWING MATERIALS PRICES INCREASED IN NOVEMBER:
- Fabricated structural metal products were up 0.1 percent for the month and 0.3 percent year over year.
- Softwood lumber prices increased 2.6 percent on a monthly basis and are up 12.8 percent year over year.
- Natural gas prices were up 1.9 percent for the month and 3.3 percent on an annual basis.
- Nonferrous wire and cable prices rose 0.2 percent on a monthly basis and are down 3 percent year over year.
- Iron and steel prices were up 1.8 percent for the month and are down 0.1 percent compared to the same time last year.
- Prices for plumbing fixtures and fittings inched up 0.1 percent in November and are up 1.6 percent year over year.
- Steel mill products prices increased 0.8 percent in November but are down 0.6 percent compared to the same time last year.
THE FOLLOWING CONSTRUCTION INPUTS EXPERIENCED PRICE DECREASES IN NOVEMBER:
- Prepared asphalt, tar roofing and siding prices were down 3.8 percent for the month and 0.3 percent year over year.
- Crude petroleum prices fell 10.3 percent on a monthly basis but are up 0.9 percent year over year.
- Crude energy prices decreased 5.7 percent in November but are up 0.6 percent compared to the same time last year.
- Concrete products prices were flat in November and are up 2.8 percent year over year.
Related Stories
MFPRO+ News | Jun 24, 2024
‘Yes in God’s Backyard’ movement could create more affordable housing
The so-called “Yes in God’s Backyard” (YIGBY) movement, where houses of worship convert their properties to housing, could help alleviate the serious housing crisis affecting many communities around the country.
Student Housing | Jun 20, 2024
How student housing developments are evolving to meet new expectations
The days of uninspired dorm rooms with little more than a bed and a communal bathroom down the hall are long gone. Students increasingly seek inclusive design, communities to enhance learning and living, and a focus on wellness that encompasses everything from meditation spaces to mental health resources.
Museums | Jun 20, 2024
Connecticut’s Bruce Museum more than doubles its size with a 42,000-sf, three-floor addition
In Greenwich, Conn., the Bruce Museum, a multidisciplinary institution highlighting art, science, and history, has undergone a campus revitalization and expansion that more than doubles the museum’s size. Designed by EskewDumezRipple and built by Turner Construction, the project includes a 42,000-sf, three-floor addition as well as a comprehensive renovation of the 32,500-sf museum, which was originally built as a private home in the mid-19th century and expanded in the early 1990s.
Building Technology | Jun 18, 2024
Could ‘smart’ building facades heat and cool buildings?
A promising research project looks at the possibilities for thermoelectric systems to thermally condition buildings, writes Mahsa Farid Mohajer, Sustainable Building Analyst with Stantec.
University Buildings | Jun 18, 2024
UC Riverside’s new School of Medicine building supports team-based learning, showcases passive design strategies
The University of California, Riverside, School of Medicine has opened the 94,576-sf, five-floor Education Building II (EDII). Created by the design-build team of CO Architects and Hensel Phelps, the medical school’s new home supports team-based student learning, offers social spaces, and provides departmental offices for faculty and staff.
Healthcare Facilities | Jun 18, 2024
A healthcare simulation technology consultant can save time, money, and headaches
As the demand for skilled healthcare professionals continues to rise, healthcare simulation is playing an increasingly vital role in the skill development, compliance, and continuing education of the clinical workforce.
Mass Timber | Jun 17, 2024
British Columbia hospital features mass timber community hall
The Cowichan District Hospital Replacement Project in Duncan, British Columbia, features an expansive community hall featuring mass timber construction. The hall, designed to promote social interaction and connection to give patients, families, and staff a warm and welcoming environment, connects a Diagnostic and Treatment (“D&T”) Block and Inpatient Tower.
Concrete Technology | Jun 17, 2024
MIT researchers are working on a way to use concrete as an electric battery
Researchers at MIT have developed a concrete mixture that can store electrical energy. The researchers say the mixture of water, cement, and carbon black could be used for building foundations and street paving.
Codes and Standards | Jun 17, 2024
Federal government releases national definition of a zero emissions building
The U.S. Department of Energy has released a new national definition of a zero emissions building. The definition is intended to provide industry guidance to support new and existing commercial and residential buildings to move towards zero emissions across the entire building sector, DOE says.
Multifamily Housing | Jun 14, 2024
AEC inspections are the key to financially viable office to residential adaptive reuse projects
About a year ago our industry was abuzz with an idea that seemed like a one-shot miracle cure for both the shockingly high rate of office vacancies and the worsening housing shortage. The seemingly simple idea of converting empty office buildings to multifamily residential seemed like an easy and elegant solution. However, in the intervening months we’ve seen only a handful of these conversions, despite near universal enthusiasm for the concept.