How long will the construction material price surge last?
Abstract:
Construction materials cost increased at a 19% annual pace in the first five months of this year, even faster than the 17% January-May surge in 2004. A few more months of rapid prices rises are likely before inflation eases back to the current underlying trend of 4-5%, several percentage points above the inflation trend for the overall economy, says Reed Construction Data chief economist Jim Haughey.
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Construction materials cost increased at a 19% annual pace in the first five months of this year, even faster than the 17% January-May surge in 2004. A few more months of rapid prices rises are likely before inflation eases back to the current underlying trend of 4-5%, several percentage points above the inflation trend for the overall economy, says Reed Construction Data chief economist Jim Haughey.