Construction costs are finally beginning to stabilize, according to Gordian’s updates to its City Cost Index and RSMeans database of key building materials.
Data findings include:
- Lumber prices in most categories have declined an average of 10% from peaks in Q2, although national prices in Q3 remain significantly higher than their pre-pandemic levels.
- Interior install categories, such as paint, flooring and tile, declined an average of 6% over the last quarter.
- Metal prices advanced slightly in Q3, although there are signs that many categories, such as copper, may decline in future quarters.
- Drywall prices continued surging over the last two quarters, with average prices up nearly 23% from 2021.
- Labor rates are up across the United States over the last 12 months, showing an average 6% to 8% growth from 2021 to 2022.
For more information, visit gordian.com.
