The Associated General Contractors of America reported that the price of construction materials increased 6.2% year over year in August, noting that it grew at almost twice the rate of new construction bids. "Price changes for construction materials in August were mixed, but contractors are likely to be hit with additional cost increases as new tariffs take hold, as well as significant labor cost escalation," Ken Simonson, the organization's chief economist, said.
Sign up for AGC SmartBrief
News and information for general contractors
Get the intelligence you need: news and information that is changing your industry today, hand-curated by our professional editors from thousands of sources and delivered straight to your inbox.