SUPPLY chain costs in the US are set to surge in the coming years, with the engineering, procurement, construction and installation sector the first to record a double-digit percentage hike in costs, according to Rystad Energy. EPCI costs, mostly driven by climbing wages and material prices, are forecast to gain about 10% in 2023 from current levels. As a result, said Rystad, capital spending on EPCI work in the US in 2023 is expected to hit $15.5 billion, about $1.4 billion higher than where it would have been under the costs scenario that was in place until recently. Higher expected construction wages account for about $1 billion of that extra cost, with the remaining $400 million coming mostly from the rising cost of bulk materials in addition to engineering labour.
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