U.S. construction materials prices spike

Construction materials prices in the U.S. rose by 1.3 percent last month, the largest increase in nearly two years.

The 22-month high was led by a 2 percent increase in softwood lumber prices, according to a news release from the the Kansas City-based Associated Builders and Contractors Inc.

Other month-to-month changes include:

• concrete products prices rising 0.4 percent;
• plumbing fixtures and fitting prices increasing by 0.3 percent; and
• Prices for prepared asphalt, tar roofing and siding products falling by 1.5 percent.

“A number of different factors are at work,” ABC Chief Economist Anirban Basu said in the release. “Key asset prices are generally on the rise globally; this is particularly apparent given the behavior of U.S. equity markets. Other prices are also on the rise, due in part to accelerating global economic growth and accommodative monetary policy."[[In-content Ad]]