Hardware Retailing The Industry's Source for Insights and Information
The price of goods used in new residential construction (including energy) was up 1.8% in September and up 9.7% from last year, while the price of services was up 2.2% over the month and up 11.3% from last year, according to the Bureau of Labor Stastics and an analysis from the National Association of Home Builders. Combining goods and services, the price index for inputs to new residential construction was up 2.0% in September and 10.3% higher than last year.
Monthly, the price of input goods to new residential construction was up 1.8% in September after rising 0.9% in August. Energy input prices rose 13.0% in September and were 64.1% higher than a year ago. Building material prices were up 0.4% in September and up 5.5% compared to one year ago, the highest level since 8.0% in December 2022.
Price increases for energy products outpaced other materials. No. 2 diesel fuel prices were up 24.2% over the month and 115.2% higher than a year ago. Unleaded regular gasoline prices rose 13.0% over the month and were 66.1% higher than a year ago. Outside of energy products, particleboard and fiberboard prices rose 3.5% over the month and were up 7.8%, meanwhile, prices for mineral wool rose 2.8% over the month and were up 1.6% from a year ago. Softwood veneer and plywood prices were up 2.7% over the month and 15.9% higher than a year ago.
Prices for service inputs to residential construction rose 2.2% in September. On a year-over-year basis, service input prices were up 11.3%, the highest since April 2022 when service prices rose 17.7% year-over-year. Trade services were up 14.0% from a year ago. The price of transportation and warehousing services has risen 19.3% over the year, while prices for other services were up 3.1% over the year.
