Rising Oil Prices Drive Up Construction Costs in March
Construction input prices rose 2.2% month over month in March, driven largely by a 20.2% increase in crude petroleum prices. The surge in oil prices, linked to geopolitical tensions in Iran, has led to higher costs for construction materials and shipping, with diesel prices rising 37.8% from February to March. The annualized input price increase for the first quarter was 18%.
Topics: construction costs crude petroleum diesel prices geopolitical tensions oil prices