Costs for construction equipment and supplies continued to register a general increase last month nationally.
That is the finding of the most recent survey released by the London-based IHS Markit and the Procurement Executives Group in Boston.
According to the survey, materials and construction prices were up from February to March in ten of the industry’s recorded subcomponents.
Based on the responses of procurement officials in leading construction, engineering, and procurement firms, fabricated structural steel and carbon steel pipe saw price declines, while all other categories experienced increases.
The survey also noted that labor costs registered increases in every region of the country.
“U.S. construction labor markets remain incredibly tight and shortages are widespread,” said Emily Crowley, a principal economist in pricing and purchasing with IHS Markit, remarked in a statement.
“Even firms that are willing to raise wages and offer bonuses are having trouble finding experienced workers,” Crowley added.
The report also indicated that survey respondents expected to see continued increases in both materials and equipment, not to mention subcontractor labor costs, during the course of the next six months.
By Garry Boulard
Get stories like these right to your inbox.