Construction Costs Rise in February

LONDON (Feb. 24, 2021) — According to survey results in the latest IHS Markit and the Procurement Executives Group (PEG), construction prices have continued an upward trend in the past month. This is largely attributed to copper prices increasing for the eighth consecutive month, a rise in carbon steel pipe and fabricated structural steel prices from January and a third straight price increase for transformers.

The cost of ocean freight from Europe and Asia have also increased over a 6-month period. “Containerized spot rates along Asia to the United States routes remain elevated compared to last year and are not likely to return to pre-pandemic levels in 2021,” said Tal Dickstein, senior economist at IHS Markit. Learn more in the full report here.