PROVIDENCE – Construction costs in the United States dipped a bit in December but increased overall in 2018, compared with a year earlier, according to data released by the Associated General Contractors of America.
The cost of many construction projects is rising as firms experience labor shortages and increased costs, the association reported.
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The producer-price index for goods and services used in construction rose 3.8 percent through December 2018, compared with the prior year.
Energy costs declined by double-digits in December but rose 3.9 percent through the year.
Association officials, in a news release, said higher construction prices will increase the cost of public infrastructure projects and could undermine the viability of new private-sector projects.
Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.
