Construction Bid Prices Jump In October Amid Mixed Costs For Materials As Contractors Cope With Supply-Chain, Labor Availability Challenges
A measure of construction contractors’ bid prices moved sharply higher in October as firms coped with ongoing supply-chain challenges and a tight labor market, according to an analysis by the Associated General Contractors of America of government data released today. Association officials said rising construction costs threatens to undermine demand for projects and urged administration officials to remove remaining tariffs on construction materials and to boost investments in construction-focused education and training.
“Although some materials costs have moderated, other costs are still climbing steeply, while contractors are incurring added expenses from delays caused by supply-chain disruptions, shortages of skilled labor, and rising interest rates,” said Ken Simonson, the association’s chief economist. “Some owners may delay or cancel projects as the price to complete them continues to increase, threatening to undermine overall demand.”
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