Construction costs accelerated again in June, with steep price increases for a range of building and road construction materials as tariffs against foreign goods come into effect, according to a report from the Associated General Contractors of America.
In response to President Donald Trump’s announcement last month that the United States would be imposing tariffs on metal imports from Canada, the European Union, and Mexico, the Canadian government introduced dollar-for-dollar retaliation duties. Beginning July 1, a number of U.S. steel products faced fees of 25 percent, while an array of aluminum products cost Canadian importers 10 percent more.
Construction costs continued to accelerate in May with double-digit increases for a range of building and road materials, including many that are subject to newly proposed tariffs that could drive prices even higher, reports the Associated General Contractors of America.
After a notable spike in February, construction costs continued to climb in March following price increases for a range of building materials, according to an analysis released by the Associated General Constructors (AGC) of America’s labor department.