Monthly Construction Input Prices Decreased 2% in July, Up 17% From a Year Ago, Says ABC
Contractor Confidence Still Down in July
WASHINGTON, D.C. — Construction input prices decreased 1.8% in July compared to the previous month, according to an Associated Builders and Contractors (ABC) analysis of U.S. Bureau of Labor Statistics’ Producer Price Index data released this week. Nonresidential construction input prices decreased 1.8% for the month as well.
"Today’s Producer Price Index data supplies additional evidence that inflation has peaked," said ABC Chief Economist Anirban Basu. “A weakening global economy and ongoing supply chain adjustments have resulted in significant declines in the prices of a number of key commodities, ranging from oil to steel."