Construction Material Prices Forecast to Decline in 2024

April 11, 2024

Cautious optimism remains the buzzword to define the economic status of the construction industry following the first quarter of 2024. The latest Rider Levett Bucknall (RLB) quarterly cost report states that construction costs were up 1.29% from Q4 2023, compared to higher rates of 1.5% or more throughout 2023. The increase mirrors that of pre-pandemic levels of 2019, and the year-over-year growth is just slightly higher than five years ago at 5.85% in Q1 2024.

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