Construction material prices slip in May
Construction material prices fell 0.3 percent in May, and are up only 2.3 percent from a year earlier, according to a June 13 release from the Associated General Contractors of America. The slowing in prices from April to May was due primarily to a decrease in diesel fuel prices, down 3.6 percent in May, and for copper and brass mill shapes, down 1.6 percent for the month, according to the release.
The slowdown in prices will likely be short lived, ACG Chief Economist Ken Simonson said in the release. "The slowdown in construction input price increases is a rare and possibly short-lived event," Simonson said. "Meanwhile, some of the price increases we are seeing for materials like gypsum and lumber reflect a strengthening new residential and commercial remodeling construction."