Freddy Munoz, left, and Brett Moritz, right, of Peckar & Abramson. Courtesy photos Soaring Construction Material Prices: Tips for Reducing Ever-Increasing Costs
The impact of these price increases is being felt across a wide spectrum of projects and is beyond what could have reasonably been expected.
July 02, 2021 at 09:47 AM
5 minute read
Between the onset of the COVID-19 pandemic in March/April 2020 and mid-May 2021, lumber prices have risen an incredible 308% according to Yahoo News. Steel prices have also risen over 60% according to Trading Economics. These increases, among others, led the Associated General Contractors of America to issue a construction inflation alert, something that the group had not done since 2008. While the reasons for the price increases are too numerous for this article, the question remains: how can construction industry participants minimize the risk of ever-increasing prices?
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