Construction material prices are expected to remain high in Q3 and Q4 of 2023, due to ongoing supply chain disruptions and inflation. However, there are some signs that prices may start to decline in the coming months, as supply chains begin to normalize and inflation cools.
For example, the price of lumber has fallen by more than 15% since peaking in March 2022. This is due to a number of factors, including increased lumber production, improved transportation, and a slowdown in demand.
Other materials, such as steel and copper, are also expected to see some price declines in the coming months. However, prices are still expected to remain elevated compared to historical levels.
Builders and homeowners should be prepared for higher construction costs in the near term, but there are some indications that prices may start to stabilize in the second half of 2023.
For more, check out this article by Construction Dive.
