According to an Associated Builders and Contractors analysis of the U.S. Bureau of Labor Statistics Producer Price Index data, construction input prices rose 1.3% in January.
Did You Know:
- The Producer Price Index (PPI) measures the average change over time in domestic producers’ prices for their output.
- It is a measure of inflation at the wholesale level that is compiled from thousands of indices measuring producer prices by industry and product category.
- The Producer Price Index measures the change in the prices paid to US producers of goods and services.
According to a National Association of Home Builders (NAHB) analysis, the shortages of building materials have improved in most categories since the historically widespread shortages.
The supply chain is one of the biggest concerns for developers, builders, and contractors. Unfortunately, the last two years have been a supply chain roller coaster with a general shortage of building materials. This issue is causing project delays and a big headache in the construction industry.
It is important to understand that communication with clients and trade partners in today’s climate is crucial. In addition, you should know that clients must communicate with their construction team regarding their expectations about the budget and schedule at the project’s onset. Clients not only have to adapt to inevitable delivery delays and rising costs, but general contractors have learned they must come to the pre-construction process equipped with options to decrease wait times and budgets.
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You should know that construction leadership plays a critical role in the industry. The Construction Professional will be responsible for setting and achieving goals, managing client relationships, and developing strong project management skills.
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*All images courtesy of BASE4
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