Earlier this week, the consumer price index in March also rose more than forecast for the third straight month, according to the Bureau of Labor Statistics. Ken Simonson, chief economist at the Associated General Contractors of America, echoed Basu’s sentiment that growing evidence of resurfacing inflation is a negative for nonresidential construction activity.
“Not much to get excited about,” said Simonson in an email to Construction Dive. “Extreme lead times are still occurring for electrical equipment — large transformers and switchgear, sometimes elevator or HVAC parts.”
