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May 23, 2019

Construction Costs Rise for 31st Straight Month

U.S. Construction Costs increased in May for the 31st consecutive month, according to the IHS Markit PEG Engineering and Construction Cost Index.

The Index, which is a leading indicator for wage and material inflation in the engineering and construction sectors, stood at 63.8 in May, up 9.6 percent from the April score of 58.2.

The Materials and Equipment index, which tracks prices for 11 components, climbed to 65.4, up 10.5 percent from the 59.2 score in April. The Subcontractor Labor index rose 7.3 percent to 60.1 from the April score of 56.0.

Looking ahead, survey respondents expect price trend to continue for at least another two months, with both material/equipment and labor prices climbing. Respondents expressed concerns about the tight labor market for all skilled trade workers.

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