BNi Building News 2023 Construction Costs Copper Wire
Posted: November 30, 2023 | Cost Trends
The housing market is moving but still down; it’s not dead but until mortgage rates work their way down it most likely won’t get better. Housing is down 10%. Housing priced below $400,000 is still selling and builders in appropriate markets are building. The commercial sector is another story, almost all sectors are up, averaging a 15% increase, with some extraordinary sectors such as manufacturing up over 60%. The infrastructure program is still kicking in and up 12-15%. Contractors report backlogs but not as dramatic as last year, and most materials are readily available.
Copper Wire is always the target of inflation watchers, copper had not followed the increases of other construction components. China does not seem to be coming back and the spot price for copper is well below $4 a pound, which seems to have a direct bearing on wire. Copper wire is down 2% for the year.
See more cost trends for 2023 at DCD.COM.