Developers are currently dealing with challenges caused by the escalating costs of building materials, presenting substantial difficulties for their projects. The recent producer price index (PPI) report released by the U.S. Bureau of Labor Statistics states that the non-seasonally adjusted index surged by 0.14% in April, following an upward trend of 0.50% in March and 0.47% in February. What is happening with construction materials? Read on.
Recent Trends in Building Material Prices
Softwood Lumber
In April, the seasonally adjusted PPI for softwood lumber increased by 6.20%, the largest month-over-month increase since January 2022.
Steel Mill Products
In April, the non-seasonally adjusted PPI for steel mill products experienced its second consecutive monthly decline, with a decrease of 2.67%.
Ready-Mix Concrete
In April, the seasonally adjusted PPI for ready-mix concrete decreased by 0.27%, its first decline in four months. Year over year, prices for ready-mix concrete were 8.04% higher.
Gypsum Building Materials
In April, the non-seasonally adjusted PPI for gypsum building materials declined by 0.74%.
Copper and Copper Products
In April, the non-seasonally adjusted PPI for copper within the special commodity grouping increased by 3.46%, and the index rose by 4.46% over the year.
BASE4’s Innovative Solutions for Developers
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We collaborate with clients to develop innovative and efficient projects using modern technology and forward-thinking design. Our team works with developers and contractors to revolutionize construction practices, incorporating cutting-edge technology, progressive design, and offsite manufacturing to speed up project delivery and lower costs.
Helping Developers Build CHEAPER and FASTER
Completing projects has become daunting in an era of skyrocketing…
We at BASE4 believe in a DESIGN SERVICE mindset—bringing standardization and manufacturing principles to an outdated system. With the design service-centered approach, we continually optimize the build process, building faster, cheaper, and more efficiently.
Thank you,
Blair Hildahl
BASE4 Principal
608.304.5228
BlairH@base-4.com
