Building Material Price Increase
2022 will be a major year for the building and construction industry. Prices for key materials are on the rise, with some experts predicting that the cost of timber could double by the end of the year.
The main reason for this is the simple fact that demand is outstripping supply. The global pandemic has caused a considerable increase in demand for new homes, as people look to move out of densely populated urban areas. This has had a knock-on effect on the price of timber, as well as other key building materials like steel and concrete.
Another cause for the growth in prices is that many suppliers currently operate at a very low inventory level. As a result, prices are likely to rise throughout the year due to the high demand and restricted availability.
If you plan on beginning a construction project in 2022, it is important to factor in these rising costs.
By being prepared for the rising cost of materials, you can ensure that your project stays on budget.
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