Tucson, Arizona 2022-05-10 23:00:54 –
Lack of materials puts construction on hold while workers wait Backordered month Items that will be available. The construction industry has also seen the highest price increases in over 50 years.
“I’ve never seen it this way,” said Linda Allard, president of LA Design. “By the time we deliver the product to our site, almost everything has doubled somewhat over time,” she said.
For Allard, that means a typical refurbishment project will take longer and cost more.
“We have ordered the ingredients before,” Allard said. “We are considering alternative products.”
Construction costs increased by nearly 18% between 2020 and 2021, according to the US Census Bureau. This is the largest year-on-year increase in material costs since 1970.
“Copper has doubled, steel has risen, and aluminum has risen,” said Connorbury, vice president of business development at Miami Systems.
Barry said huge demand is putting pressure on supply.
“There are lead time constraints, material shortages related to customs and imports from abroad,” Barry said.
These challenges force tenants to anticipate delays. At ISG Marketing, it took longer than expected to build their office.
“This means doubling rent and coordinating the move of 700 employees from the old facility to the new facility when trying to enter the new space,” said Josh Slater, CEO of ISGInc. Says. “So we were able to get it done. Everything went well, but it’s not without that problem.”
But people in the construction industry are hoping that prices will fall.
“I think we are all very positive,” Allard said. “I don’t think we’re going to give up. We’re going to keep fighting, and we’re looking forward to a lot.”
This story was originally published by WPTV’s Brianna Nespral Located in West Palm Beach, Florida.
Construction costing more, taking longer to complete Source link Construction costing more, taking longer to complete