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
Giants 400 | Feb 6, 2023
2022 Reconstruction Sector Giants: Top architecture, engineering, and construction firms in the U.S. building reconstruction and renovation sector
Gensler, Stantec, IPS, Alfa Tech, STO Building Group, and Turner Construction top BD+C's rankings of the nation's largest reconstruction sector architecture, engineering, and construction firms, as reported in the 2022 Giants 400 Report.
Giants 400 | Feb 6, 2023
2022 Transit Facility Giants: Top architecture, engineering, and construction firms in the U.S. transit facility sector
Walsh Group, Skanska USA, HDR, Perkins and Will, and AECOM top BD+C's rankings of the nation's largest transit facility sector architecture, engineering, and construction firms, as reported in the 2022 Giants 400 Report.
Giants 400 | Feb 6, 2023
2022 Telecommunications Facility Sector Giants: Top architecture, engineering, and construction firms in the U.S. telecommunications facility sector
AECOM, Alfa Tech, Kraus-Anderson, and Stantec head BD+C's rankings of the nation's largest telecommunications facility sector architecture, engineering, and construction firms, as reported in the 2022 Giants 400 Report.
Giants 400 | Feb 6, 2023
2022 Religious Sector Giants: Top architecture, engineering, and construction firms in the U.S. religious facility construction sector
HOK, Parkhill, KPFF, Shawmut Design and Construction, and Wiss, Janney, Elstner head BD+C's rankings of the nation's largest religious facility sector architecture, engineering, and construction firms, as reported in the 2022 Giants 400 Report.
Giants 400 | Feb 6, 2023
2022 Justice Facility Sector Giants: Top architecture, engineering, and construction firms in the U.S. justice facility/public safety sector
Stantec, DLR Group, Turner Construction, STO Building Group, AECOM, and Dewberry top BD+C's rankings of the nation's largest architecture, engineering, and construction firms for justice facility/public safety buildings work, including correctional facilities, fire stations, jails, police stations, and prisons, as reported in the 2022 Giants 400 Report.
Giants 400 | Feb 6, 2023
2022 Parking Structure Giants: Top architecture, engineering, and construction firms in the U.S. parking structure sector
Choate Parking Consultants, Walker Consultants, Kimley-Horn, PCL, and Balfour Beatty top BD+C's rankings of the nation's largest parking structure sector architecture, engineering, and construction firms, as reported in the 2022 Giants 400 Report.
Market Data | Feb 6, 2023
Nonresidential construction spending dips 0.5% in December 2022
National nonresidential construction spending decreased by 0.5% in December, according to an Associated Builders and Contractors analysis of data published today by the U.S. Census Bureau. On a seasonally adjusted annualized basis, nonresidential spending totaled $943.5 billion for the month.
Giants 400 | Feb 3, 2023
Top Workplace/Interior Fitout Architecture, Engineering, and Construction Firms for 2022
Gensler, Interior Architects, AECOM, STO Building Group, and CBRE top the ranking of the nation's largest workplace/interior fitout architecture, engineering, and construction firms, as reported in Building Design+Construction's 2022 Giants 400 Report.
Multifamily Housing | Feb 3, 2023
HUD unveils report to help multifamily housing developers overcome barriers to offsite construction
The U.S. Department of Housing and Urban Development, in partnership with the National Institute of Building Sciences and MOD X, has released the Offsite Construction for Housing: Research Roadmap, a strategic report that presents the key knowledge gaps and research needs to overcome the barriers and challenges to offsite construction.
Steel Buildings | Feb 3, 2023
Top 10 structural steel building projects for 2023
A Mies van der Rohe-designed art and architecture school at Indiana University and Morphosis Architects' Orange County Museum of Art in Costa Mesa, Calif., are among 10 projects to win IDEAS² Awards from the American Institute of Steel Construction.
