In all, construction materials experienced a slight fall in prices. Nonresidential construction materials, for example, were down 0.6% late last year and still is steady for the first quarter of this year. It is even lower than the same time of the previous year.
However, there are still prices that generally rose in the last quarter of 2013 and are seen to go steady this year. The following are examples:
- Softwood lumber
- Natural gas
- Wires and cables
- Plumbing fixtures
- Fabricated metal products
On the other hand, the following are just some of the important construction products and materials that have experienced a decrease in price from late last year and are seen to be steady at least early this year:
- Crude petroleum
- Concrete products and asphalt
- Crude energy
This steady price only translates to an overall growth in the prices of wholesale goods in the country. For this reason also, many investors have predicted that this year there will be a significant inflation because of the expansionary financial policies in the highly developed countries. Still, there seems to be a lack of inflationary pressure that will have a great effect both globally and at the national level. Economic growth in the global stage is seen to accelerate.
This is very important in the construction industry as it provides the foundation for a better execution of construction goals. It will directly everyone in the industry from builders, developers, contractors, to ordinary homeowners and do-it-yourself people. Imagine not having to deal with an increase in price for essential tools like the diamond blade or the diamond core bit. Come to think of it, these are tools that are used in large scale construction, as well as the smaller projects.
It is also great news to every sector that is involved in the construction industry. If the construction industry is healthy, so will be these other sectors, and ultimately, the economy. The construction industry is indeed a strong indicator of a good economy. Everyone knows it has a vital contribution to the overall competitiveness of a country’s economy; which is why people put such great importance in it. This is why a country with thriving, and especially advanced infrastructure is seen to have an economy that is just as prosperous. Without question, it plays a major role in providing built infrastructure in a cost-effective way.