Exploding, volatile lumber prices grabbing many of the headlines over the past year. Now look out for soaring copper wire costs, which have risen at a greater rate than lumber did, according to an analysis by Corelogic.
In June 2021, costs for lumber, an important component of construction, increased by 129% YoY in the US, contributing mightily to an increase in overall reconstruction cost.
Cost growth for copper wire has significantly increased as well, with October 2021 YoY cost growth in the US at 156%. This spike is due to strong expectation of demand and supply constraints in conjunction with the continuing recovery of the US economy and the new infrastructure bill.
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