The costs for a wide array of construction materials were up in February, presenting a continued challenge to the industry nationally.
According a report just released by the Procurement Executives Group and IHS Markit, the price increases took place in eight of twelve materials subcomponents.
Despite such increases, the report continues, “prices for alloy steel pipe remained the same, while prices for fabricated structural steel and carbon steel pipe fell.”
The real cost increases were found in such items as turbines and pumps.
The report is pulled together based on information received from engineering and construction procurement executives across the country.
February’s construction costs increase marks an ongoing upward trend first recorded in the fall of 2016.
In a statement, Thomas McCartin, a senior economist with the London-based IHS Markit, noted that while “steel costs are coming down right now, price hikes from the summer and fall are now filtering down to turbines and pumps.”
McCartin added that “higher input costs, with increasing demand from the energy industry, are putting upwards pressure on these materials.”
By Garry Boulard
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