It’s been nearly four years since the COVID-19 pandemic upended global supply chains, driving up prices and slowing availability of products and materials.
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For U.S. construction firms, prices remain high due to ongoing materials shortages and high costs of logistics and labor, while global conflicts are adding in new levels of volatility and risk.
Indeed, construction input costs are up 38.7% compared to February 2020, according to an Associated Builders and Contractors analysis of Bureau of Labor Statistics data. Prices of unprocessed energy materials, natural gas and iron and steel have risen more than 50%.
