Weekly Blog Post

 Construction Management Blog

Elevated Price for Materials:

   I wanted to discuss a little bit about the price of materials in the construction world. An article called "Higher material prices here to stay" mentions some interesting facts for the construction world. Since covid, prices for building materials have gone up by an average of 19%. Through my experience, a lot of businesses have been seeking new construction work or remodels lately to expand, especially in cities but are hesitant due to prices. Even with the wants of construction from clients, the higher prices of materials could potentially lead to less work available as they may not want to pay that much. I am curious as to see if these elevated prices will make a decrease in construction work in the next couple years or rather the opposite. 

    Materials of construction are the heart of the construction industry. Based on the data tracking firm, Gordian, Wood has been up around 16% during 2023. Buying from your local wood provider will still hurt your wallet. Steel has gone up around 22% in 2023. Along with that, concrete and masonry, electrical and insulation materials are all up. With that being said, as I pursue my construction management degree, I tend to worry about whether or not there will be work out there when I graduate with all these elevated prices.