The report comes on the heels of a broader analysis from Jay Pendergrass, director of supply chain at No. 11 contractor Gilbane, who noted declines in steel, copper and lumber going into the second half of 2022. Taken together, the optimism around pricing this week may signal the beginning of the end of pandemic-era material cost escalations for contractors.
However, Basu’s interpretation of BLS’s numbers made it clear construction contractors aren’t in the clear. The war in Ukraine, combined with lingering supply chain issues, translate into ongoing risk when it comes to transporting any material goods around the globe.