The latest produce price index from the U.S. Department of Labor showed that there was a 2% drop in construction input prices during the month of January, marking the six straight month prices failed to rise, the Associated Builders and Contractors reported.
Construction input prices were down 3.6% from the same time last year. Data from the Department of Labor also showed that there was a 2.1% fall from December to January, and a 4.6% decline on a yearly basis for nonresidential construction.
While the produce price index dipped in January, there were other material prices that rose last month and included the following:
- There were only three key construction inputs that did not expand in January.
- Prices for iron and steel dropped 0.6% in January and 6.7% from the same time last year.
- Plumbing fixture prices rose 0.8% in January and 3.9% year-over-year.
- Prices for prepared asphalt, tar roofing, and siding increased by 2.7% on a monthly basis and 4.2% yearly.
- Softwood lumber prices fell 1.5% on a monthly basis and are 0.6% lower than this time last year.
“The decline in oil and petroleum prices finally showed up in the PPI data,” said Associated Builders and Contractors Chief Economist Anirban Basu. “According to the Bureau of Labor Statistics, crude petroleum prices fell 30.6% for the month and 54.8% for the year, but other input categories also experienced downward pressure, include nonferrous wire and cable and softwood lumber.”
Related Stories
| May 16, 2012
AEG releases 3D video of L.A.'s Farmers Field
The Los Angeles Convention Center footage depicts the new convention center hall spaces, including a new lobby above Pico Boulevard, pre-function space, and what will be the largest multi-purpose ballroom in Los Angeles.
| May 16, 2012
Balfour Beatty Construction taps Kiger as VP of operations
Kiger will manage current relationships and pursue other strategic clients, including select healthcare clients and strategic project pursuits in the Central Tennessee region.
| May 15, 2012
One World Trade Center goes to new height of sustainability
One of the biggest challenges in developing this concrete mixture was meeting the Port Authority of New York/New Jersey’s strict requirement for the replacement of cement.
| May 15, 2012
Don’t be insulated from green building
Examining the roles of insulation and manufacturing in sustainability’s growth.
| May 15, 2012
National Tradesmen Day set for Sept. 21
IRWIN Tools invites the nation to honor "The Real Working Hands that Build America and Keep it Running Strong".
| May 15, 2012
SAGE Electrochromics to become wholly owned subsidiary of Saint-Gobain
This deal will help SAGE expand into international markets, develop new products and complete construction of the company’s new, state-of-the-art manufacturing facility in Faribault, Minn.
| May 14, 2012
SOM to break ground on supertall structure in China
The 1,740-feet (530-meter) tall tower will house offices, 300 service apartments and a 350-room, 5-star hotel beneath an arched top.
| May 14, 2012
Adrian Smith + Gordon Gill Architecture design Seoul’s Dancing Dragons
Supertall two-tower complex located in Seoul’s Yongsan International Business District.
| May 14, 2012
ArchiCAD e-Specs integration unveiled
Architects, engineers and construction professionals use InterSpec’s e-SPECS products on thousands of projects annually to maintain synchronization between construction models, drawings, and project specifications.
| May 11, 2012
Betz promoted to senior vice president for McCarthy’s San Diego Office
He will oversee client relations, estimating, office operations and personnel as well as integration of the company’s scheduling, safety and contracts departments.