Rising Construction Costs and Material Shortages
Rising Construction Costs & Material Shortages
Friends and Neighbors,
While we were expecting the prices of construction materials to decline or at least hold steady; the reality is quite different. The global pandemic is causing unforeseen increases in the prices of these raw materials over the next several months and into the new year. Historically low interest rates have turned renters into buyers and the high demand and low supply of lumber are fueling this price surge. In addition to lumber prices going up, the cost of cabinetry and wood flooring are also expected to rise in the coming months. While supply and demand is a key contributor, government regulations and tariffs with foreign suppliers have also contributed to the price increases across the board. With these increases soon to affect our suppliers, it is prudent for anyone seriously considering a construction project to lock in their projects at the current prices.
If you have any questions about pricing or how these expected increases could affect your remodeling project or custom home build, please do not hesitate to reach out for an estimate.
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