The cost of construction materials leaped up in February, adding urgency for Congress to pass a surface transportation spending bill and get infrastructure projects started before inflation reduces the government’s buying power, according to transportation advocates.
Prices for many types of construction inputs rose sharply last month, according to the Associated General Contractors of America. The price index for materials used in construction, plus items consumed by contractors such as diesel fuel and tires, rose 0.9 percent compared to the 0.4 percent rise in January. Items that were more expensive in February included diesel fuel (3 percent), paving mixtures and blocks (2.5 percent) and steel mill products (0.6 percent). Some of the biggest increases were for materials used in building construction.
The trade association said the higher costs are hitting hard at a time when construction firms are still struggling to keep busy. It urged the House to pass the two-year surface transportation bill that was approved by the Senate this week to provide contractors with more certainty about whether they’ll get paid on time or can count on new projects.
Build costs rise as Congress debates transport bill
