The cost of some key construction materials fell in July for the third month in a row, according to a new analysis from the Associated General Contractors of America (AGC).
The dip pushed year-over-year prices down for the first time since 2009, according to AGC, a construction industry trade group.
“This price decline may be the last, given the large jumps in diesel fuel and steel prices that have occurred or been announced since the Labor Department collected this producer price data in mid-July,” Ken Simonson, AGC chief economist, said in a news release. “If economic growth accelerates, we are likely to see an end to discounted prices for construction activity.”
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Price indexes on key items including steel mill products, diesel fuel, copper and brass mill shapes, and aluminum mill products all fell in July. Indexes for gypsum products and insulation materials both rose, according to the association.
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