Construction prices 2.19.21
Price increases and long delivery delays are hurting the construction industry...according to new data from the associated general contractors of america...or the a- g-c.
The organization says prices for materials and services used in construction and contractors' bid prices declined briefly at the state of the pandemic.
But since last april, they've riisen sharply.
That's for everything from steel and copper to lumber.
David stipes...director of the richmond industrial development board...says he's seeing the financial hit first hand.
And that means not only a bigger hit for new buildings but also higher costs for government projects paid for by taxpayers.
"costs are increasing on building materials and it not only effects commerical buildings, but it also affects homeowners for example - people who are building homes.
It takes patience to get through times like this and i think we need to remember that and i think we need to thank our industrial workers."
Stipes says the auto industry is taking a similar hit.
The a-g-c points to tariffs on materials as a primary reason for the financial burden.
It's asking the biden administration to rescind those tariffs.