Price change on annual basis of 32 different building materials in the U.S. 2014-2023

Concrete pipes and other concrete products had some of the highest growth rates in June 2023 in comparison to the previous year. Cement and most concrete products also had double-digit annual price changes. However, steel mill was not the only construction material with a large price increase. For instance, the price of number two diesel it peaked in May 2021 at 199.5 percent. Note, though, that the figures provided are Producer Price Indices, which cover production within the United States, but do not include imports or tariffs. This might matter for lumber, as Canada's wood production normally is large enough that the U.S. can import it from its neighboring country.

Construction material prices in the United Kingdom

Similarly to the inflation trends in the U.S., some of the products containing steel were among the construction materials with the highest price increases in the UK. Meanwhile, the average price for cement has increased more in 2022, than from 2015 to 2021. The overall value of raw building material imports into the UK has surged in 2021. These developments may also have affected the average construction output price in the UK.

Construction material shortages worldwide

During the past couple of years there have often been supply problems and material shortages, which have created instability in the construction market. According to a survey among construction contractors, the construction materials most affected by shortages in the U.S. during most of 2021 were steel and lumber. This was also a problem on the other side of the Atlantic: The share of construction companies experiencing shortages in Germany has risen since February 2022. Meanwhile, the shortage of material or equipment was one of the main factors limiting the building activity in France in June 2022.