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(Graph courtesy Associated Builders and Contractors)

That鈥檚 according to the Associated Builders and Contractors (ABC), a US-based trade organisation representing more than 23,000 construction firms in the country.

ABC鈥檚 analysis stated overall construction input prices are 1.3% higher than a year ago, while non-residential construction input prices are 0.7% higher.

Prices increased in all three energy subcategories last month: crude petroleum prices increased 14.8%, while natural gas and unprocessed energy material prices increased 13.7% and 13%, respectively.

ABC Chief Economist, Anirban Basu, said, 鈥淭his rapid escalation is largely due to three factors. First, energy prices rose sharply. Second, producers often raise their prices at the start of the year. And third, many purchasers rushed to buy inputs before potential tariffs could go into effect, and that surge in demand pushed prices higher.鈥�

As Trump threatens more tariffs, how could they affect construction? This week鈥檚 news of potential tariffs on US steel imports follows a 鈥減ause鈥� on tariffs on Mexican and Canadian goods. What could it mean for construction?

Basu noted tariffs proposed by the Trump administration could exasperate rising costs going forward.

鈥淭ariffs鈥� could continue to push input prices higher in the coming months,鈥� Basu said. 鈥淚mport taxes allow domestic producers to raise their prices, and the new 25% levies on steel and aluminium will result in just that if they remain in place.

鈥淎 strong majority of contractors expect their sales to increase over the next six months, according to , and the combination of increased demand for construction inputs and ongoing supply chain confusion suggests input price escalation could accelerate through the first half of 2025.鈥�

(Table courtesy Associated Builders and Contractors)