Year in Review: The Construction Industry of 2018
2018 was a very costly year for the construction industry in the United States. Prices of construction materials rose 0.8% in March 2018 and by October 2018 prices had climbed 7.4% due to increases in commonly-used materials. Between 2017 and 2018, the price of diesel fuel rose 39.7%, lumber and plywood increased 13.7%, plastic construction products rose 5.8%, and steel mill products jumped 4.9%.
This surge in building material prices came at a time when construction projects were in demand and many firms were faced with shortages of skilled labor. This lack of a labor force combined with the rise in prices for construction materials made it extremely difficult for contractors across the United States to complete projects without increasing bid prices or absorbing large deficits.