Construction costs have risen considerably over past 12 months

We don’t like to be the bearers of bad news but we did want to inform our clients and friends about the very steep rises in the cost of building materials (especially lumber) and labor.

According to data received from our friends in the commercial insurance world total combined costs for all the various building and reconstruction products increased over 14% over the last 12 months. Lumber alone surged by an unbelievable 54% over the same time period. We use a lot of lumber products when replacing roofs especially those that are 20+ years old.

 

Much of this increase in price can be traced back to the issues surrounding Covid-19. When people were at home during the height of the pandemic they started addressing all the building and rebuilding projects they had been putting off and went out and cleared the shelves of lumber at their local hardware store.

Over the same period labor costs for roofers have gone up by 6.4%.

What does this mean for you?

If you’re considering any type of external remodeling, especially roofing, siding or decks, the earlier you can get on a schedule and secure a price for your project the better. There’s no reason to think that these costs are going to decrease in the near future. When you’re ready to proceed we hope you’ll consider the experts at George J Keller & Sons. Call us today at 973-927-0963!

 

Images courtesy of Verisk