Construction input prices rose 2.1% in February 2021, according to an Associated Builders and Contractors (ABC) analysis of the U.S. Bureau of Labor Statistics’ latest Producer Price Index.
Construction input prices are up 7.6% from February 2020, and nonresidential construction input prices have expanded 7.1% during that span.
Softwood lumber and natural gas have experienced the largest year-over-year increases, rising 79.7% and 76.2%, respectively.
Prices in the iron and steel category increased 22.0% compared to the same time last year, and steel mill product prices are up 20.0%.
Nonresidential construction input prices increased about 2.1% for the month, ABC said.