US construction costs revert to normal levels

Posted on July 29, 2024   |  

US construction cost increases have stabilized at pre-pandemic rates of 2-4% per year.

Construction material costs peaked in May 2022 but have been decreasing steadily over the past three months after a brief increase in February.

Concrete prices have risen by 22.1% over the past year and 4.9% in the last three months.

Drywall costs have gone up by 16% over the year, while wall insulation prices have decreased by 15%.

Lumber prices are fluctuating at lower levels due to oversupply and a slow housing market.

Construction cost trends have returned to normal, aligning with historical patterns.