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US construction costs revert to normal levels
Posted on July 29, 2024 |
US construction cost increases have stabilized at pre-pandemic rates of 2-4% per year.
Construction material costs peaked in May 2022 but have been decreasing steadily over the past three months after a brief increase in February.
Concrete prices have risen by 22.1% over the past year and 4.9% in the last three months.
Drywall costs have gone up by 16% over the year, while wall insulation prices have decreased by 15%.
Lumber prices are fluctuating at lower levels due to oversupply and a slow housing market.
Construction cost trends have returned to normal, aligning with historical patterns.