June Marks Highest Yearly Increase in Building Material Prices Since February 2023
Inputs to residential construction (goods less food and energy) — which represent building materials used in residential construction — rose 0.19% in June, according to the from the U.S. Bureau of Labor Statistics. In May, the index fell 0.26% after rising 0.22% in April.
Year-over-year growth has continued to climb this year — June’s increase of 2.65% was the highest since February 2023. Despite , prices for inputs to residential construction have accelerated since the start of the year, leaving home builders to continue to deal with higher building material prices.
Specific increases include:
- Softwood lumber rose 3.41% in June, after falling 5% in May.
- Gypsum building materials were unchanged for the second consecutive month but were up 2.32% over the year.
- Ready-mix concrete rose 0.45% in June after rising a revised reading of 0.26% in May.
Meanwhile, steel mill products fell 1.18% in June after rising 0.54% in May, and copper fell 2.67% in June, the first monthly decline since February of this year.
Jesse Wade, NAHB director of tax and trade policy analysis, provides more details in .