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Construction input prices drop for first time in 2024

June 13, 2024

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Even with year-over-year price increases, project costs on the ground have largely remained stable, said Macrina Wilkins, senior research analyst with the Associated General Contractors of America.

“[The PPI] release shows us that while some prices for construction materials have shown fluctuations, it is not significantly impacting the cost of projects,” said Wilkins. “The bid prices remained unchanged and new nonresidential construction declined 0.6% for the month.”

The biggest drop came from diesel prices, which fell 20% in May, said Wilkins. On the other hand, steel mill products, copper wire and cable showed moderate price increases.

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