Construction material costs have increased by 19.5 percent on average in the past year, according to a Gordian analysis of data from the RSMeans estimating platform.
The software provider said Monday that the majority of equipment costs and labor wages rose by 5 percent and 3.4 percent, respectively.
RSMeans has been a source of information on construction equipment, labor and material costs for 81 years. The latest estimates from the database showed price hikes in all three segments, most notably in materials.
Gordian cited an increase in a vast majority (82.5 percent) of material costs, some of which fluctuated quarterly. It also stated that 85.7 percent of equipment expenditures rose at an average of more than 5 percent, while labor wages went up by 3.4 percent since 2021.
Chris Gaudreau, chief technology officer of Gordian, said the company invested in manpower, research operations and data automation to improve the accuracy of their datasets.