Americas Industrial Construction Cost Guide 2024

TRENDS IMPACTING INDUSTRIAL CONSTRUCTION COMMODITIES AND

COST INDEX FOR CONCRETE, LUMBER, STEEL AND COPPER COMMODITY PRICE INCREASES MODERATING

CONSTRUCTION PRICING UPDATE

Commodity prices continued to moderate in 2024. On a year over-year (YOY) basis as of March 2024, lumber prices fell 1.4%, steel prices fell 8.4%, and copper prices fell 2.9%. Concrete prices increased 7.4% on a YOY basis primarily due to plant closures in Mexico. Prices for all four commodities edged slightly higher on a month-over-month (MOM) basis, up an average of 0.5%. The current inflationary environment continues to apply upward pressure to prices; however, most increases are within the 10-year averages. The forecast calls for modest increases through year-end 2024.

800

700

600

500

400

300

200

100

0

Jan-11

Jan-17

Jan-12

Jan-21

Jan-15

Jan-13

Jan-18

Jan-16

Jan-19

Jan-14

Jan-10

Jan-22

Jan-25

Jan-23

Jan-24

Jan-20

Forecast

Lumber

Steel

Concrete

Copper

Source: U.S. Bureau of Labor Statistics (BLS); Moody’s Analytics Forecasted;

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Cushman & Wakefield