Materials Prices Post Record Year-to-Date Increase
According to the Bureau of Labor Statistics’ latest Producer Price Index (PPI) report, the prices of goods used in residential construction (excluding energy) climbed 0.8% in October, following two months of declines. Building material prices have increased 12.2% year to date, after climbing 4.5% over the same period in 2020.
Specific increases include: (just to name a few)
Materials Prices Post Record Year-to-Date Increase:
- Softwood lumber increased 9.1% in October (seasonally adjusted) — its first monthly increase since May.
- Ready-mix concrete climbed 0.6% in October after falling 0.5% in September, and is up 4.8% year to date — its largest year-to-date increase in October since 2006.
- Gypsum products increased 2.1% in October — its eighth consecutive monthly increase. Prices have increased 19% year to date.
- Steel mill products experienced a smaller gain than the previous two months with a 4.8% increase in October, but prices are still up 116.9% year to date.
