Market and material pricing continues to stay within relatively normal ranges; however copper, steel, and fuel continue to be outliers with copper pushing higher, steel and fuel trending lower in the market.
For detailed information and longer-term trends please see the graphs and charts below. There are three different views for materials and commodities, continue to note the labor market information on the fourth tab.
Use the arrows at the bottom of the chart to switch between views and use the drop-down menu to navigate between products and commodities.
Other notes:
• Overall month-over-month changes in September indicate continued moderation of inflation pressures, however pricing is still highly variable depending on products and industry.
• Final construction costs have stabilized somewhat as backlog pressures appear to continue.
• Labor continues to be a pressure in certain markets, though wages increases are slowing. Regional pressures will continue in labor markets as large manufacturing, infrastructure and healthcare projects ramp up.
• Even though the pace of wage increases has slowed it is still trending at the upper end of historical averages year-over-year, with national wages up 3.97% year-over-year, and Texas wages up 3.98% year-over-year.
• Labor market is still tight nationally with only 8.65% fewer construction industry workers per job opening. Care must be taken to note that this is a national number, and regional markets may see much tighter conditions.
