Construction material prices have been on a price rollercoaster for the past several years, and right now we’re still staying buckled in our seats.
In popular markets like Miami, investors and project owners are needing to play the long game as they evaluate a property’s potential. Many are still choosing to move forward with projects despite knowing costs are continuing to increase.
Where Material Prices Stand
Currently, prices are still fluctuating. Items like concrete, steel, wood and metals are up. Drywall has also joined the list of materials that have risen in price. We are seeing an almost 100% increase in drywall costs from a year ago.
Additionally, factors like rising oil prices are also affecting budgets. The latest increase in gas prices is correlating with an increase in fees for deliveries, plus a fuel surcharge.
In time, prices will eventually level back off, but it can be challenging for owners and developers to maneuver through these prices now. While none of us wants to endure elevated material prices, being realistic about where things stand in terms of cost and availability is so important for planning your project.
At Seacoast Construction, we are constantly in tune with market price adjustments, costs, and timelines. If you have questions about your upcoming project or how prices and inventory might affect your plans, please don’t hesitate to contact us
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