Summary of Q3 2021: Material Shortages Continue, Copper Wire Costs Up 156% 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
- Permit authorizations significantly decreased YoY in the Northeast, while other regions saw increase
- 93% of commercial contractors reported experiencing at least one material shortage in Q3-21
- Labor costs continue to grow faster in the U.S. than in Canada, with many key construction labor costs growing by over 5% YoY.
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