Summary of Q4 2021: Material Shortages Continue, Copper Wire Costs Up 147% YoY
CoreLogic tracks construction cost for commercial, residential and agricultural construction of all types of goods (labor and materials) throughout the United States and Canada. Detail of this quarter’s research include:
- YoY increase in costs of copper wire has overtaken YoY increase in cost of lumber and plywood in US and Canada
- Permit authorizations significantly increased YoY in the Northeast US
- 95% of U.S. surveyed commercial contractors reported experiencing at least one material shortage in Q4-21
- Labor costs continue to grow faster in the U.S. than in Canada, with many key construction labor costs growing by over 4% YoY.
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