The cost of goods and services used in construction accelerated further in April as more items logged double-digit increases over the past year, according to an analysis by the Associated General Contractors of America of government data released today. Meanwhile, nonresidential contractors struggled with delays in receiving materials and intensifying competition that limited their ability to pass on higher costs. Association officials urged the Biden administration to quickly roll back tariffs and quotas on imported construction materials that are adding to costs and availability problems.
鈥淭oday鈥檚 producer price index report鈥攂ad though it is鈥攁ctually understates the severity of the problems contractors are experiencing,鈥 said Ken Simonson, the association鈥檚 chief economist. 鈥淢any items have posted even steeper price increases since the data for this report were collected in mid-April, while lead times for producing goods and delivery times to distributors and worksites have grown ever longer and less certain.鈥
Read more.