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Prices of many construction materials dropped in July, the third-straight month of declines, the Associated General Contractors of America reported.
This marks the first time year-over-year material prices have declined since 2009, the AGC said.
However, the association noted that steel and diesel fuel prices have risen recently, and that may put an end to any further declines in materials costs.
“This price decline may be the last, given the large jumps in diesel fuel and steel prices that have occurred or been announced since the Labor Department collected this producer price data in mid-July,” said Ken Simonson, the association’s chief economist. “If economic growth accelerates, we are likely to see an end to discounted prices for construction activity.”