The COVID -19 pandemic, along with other global issues, such as the Suez Canal shutdown, weather-caused production disruptions and geopolitical issues-think tensions, tariffs and conflicts-have collectively created sharp increases in the global costs of building materials, as well as significant delays in deliveries. It seems no material has been immune from the increases either. Steel, lumber, glass, plumbing and electrical supplies, and even gypsum and acoustic insulation materials, have all seen significant cost increases. And unlike the disruptions caused by the 2008-2009 recession, economies are seemingly rebounding more quickly from the pandemic, despite the emerging concerns driven by the new Delta variant- causing inflationary pressure, further driving up the cost of construction and financing. Many industry analysts estimate that overall cost increases for 2021 will likely exceed 20%, and that the industry may experience 10% increases on an annual basis for the foreseeable future.
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