The latest Producer Price Index from the Bureau of Labor Statistics shows residential constructions materials prices (not including energy) increased 1.4% in March, yielding an 8% increase since the beginning of the year.
Building materials prices are up 20.4% year-over-year and 33% since March 2020. Services prices are 39% higher since the start of the pandemic.
Key findings include:
- Softwood lumber up 6% in March, up 90.4% since September 2021;
- Gypsum products up 1.6% in March, 9% since January 2021;
- Steel products down 4.9% in March, but more than double their pre-pandemic prices. (Source)