March sees a continued rise in US residential building materials costs

Posted on April 22, 2024   |  

Prices of materials used in residential construction, excluding energy, continued to rise for the 5th consecutive month in March.

The non-seasonally adjusted index increased by 0.21% in March, following a 0.54% rise in February.

Despite a slower pace, the growth rate of the index remains higher than the average change observed in 2023.

Softwood lumber prices saw a 1.90% increase month-over-month in March, marking the first uptick since July 2023.

However, lumber prices were down by 6.76% year-over-year, extending the streak of monthly declines to 17.

The PPI for gypsum building materials rose for the second consecutive month, reaching a new high in March and showing a 1.33% increase year-over-year.

Ready-mix concrete prices rose by 0.05% in March, while steel mill product prices saw their first decline in three months, dropping by 7.77%.