U.S. construction input prices dipped 0.3% in November compared to October, according to an Associated Builders and Contractors analysis of U.S. Bureau of Labor Statistics Producer Price Index data released Dec. 13. That follows October’s 1.2% decrease.

Nonresidential construction input prices decreased 0.3% during November as well.

ABC found that overall construction input prices ended November 0.8% lower than a year earlier, while nonresidential construction input prices are 0.4% lower. Prices decreased in two of the three energy subcategories in November: Crude petroleum input prices were down 9.5%, while unprocessed energy materials prices were down 3.2%. Natural gas prices jumped 24.1%.

• U.S. Wholesale Inflation Flatlined in November (Dec. 13)
• CPI: November Consumer Inflation Slowed to 3.1% Annual Gain (Dec. 12)

“Construction input prices declined for the second straight month in November,” ABC Chief Economist Anirban Basu said in a news release. “While much of the recent decline is due to record domestic oil production and the resulting precipitous decline in gas and diesel prices, other commodities like iron and steel and lumber products are currently more affordable than they were at the same time last year.

“Falling, or at the very least stable, input prices should help to control construction cost increases in the coming quarters,” Basu continued. “This is a welcome development for an industry still dealing with extraordinarily elevated financing costs and rising labor costs due to ongoing worker shortages.”