Overall construction materials costs increased 2.6% month over month in May and are now up 9.6% over the past year. Construction input costs have gotten pricier every month this year, and they’re rising at the fastest annual rate since the pandemic. Contractors are being hit by a double whammy of rising materials prices and much lower increases in what they can charge for new projects.
Source: Multifamily Dive
Multifamily Market News 