When most property owners plan a major home renovation or improvement project, they typically have a budget in mind and save or finance the project accordingly. But thanks to the highest inflation that the United States has seen in 40 years, many home improvement budgets are being completely blown out the window.
Consider this: From 2020 to 2022, building material costs have increased by more than 30 percent – and combined with the fact that they don’t appear to be slowing down and there’s a shortage of skilled trade labor, many property owners are likely to have to continue to up their budgets for home improvement projects. The good news is that things will eventually stabilize. And when you work with a trusted, professional contractor like SkyGuard Home on your next home improvement project, you can rest assured that we’ll go above and beyond to source materials at the best prices to keep your project as affordable as possible.
Yet, right now, there are certainly challenges with the rising cost of materials. In this post, we’ll discuss a bit more about where the biggest increases have been and what we’re doing to help you with your project. Here’s a look:
Where are the Biggest Price Increases?
In the days following the onset of the COVID-19 pandemic, you may recall how lumber became very expensive. This was mainly because many of the major sawmills suspended work when COVID hit, and when demand picked back up, there wasn’t enough lumber to go around. While the price of lumber has largely stabilized, part of the reason for some of the other significant price increases in the building sector right now follows a familiar pattern: supply can’t keep up with demand. And when contractors have to pay more to secure materials for their projects, this additional cost, unfortunately, must be at least partially passed on to the customer.
So, where are some of the biggest price increases currently? Here’s a look at some data, per Statista:
- Asphalt felts, and coatings are 18.8 percent more expensive than they were at this time in 2021.
- Paving mixtures and blocks are nearly 22 percent more expensive than they were in 2021.
- Plastic construction products are about 22.5 percent more expensive than they were at this point in 2021.
- Insulation is 19 percent more expensive than in summer 2021.
- Architectural coatings are 26.9 percent more expensive than in 2021.
- Sheet metal products are 20.4 percent more expensive than they were in 2021.
- Diesel fuel, which is used to fuel many of the heavy-duty trucks that transport materials from origin to their destination, is about 71.3 percent more expensive now compared to what it was in the summer of 2021.
As we said, costs will eventually stabilize. But this isn’t going to do property owners who want a project done now any good. That’s why it helps to rely on a professional contractor like SkyGuard Home, who will go the extra mile to lock in affordable material costs.
How SkyGuard Home Can Help
As a leading home improvement contractor, we’ll always go to bat for our customers and do everything we can to keep the cost of their projects as affordable as possible. We work with a number of material suppliers and try to pre-buy as much building material as we can when prices are low. And while we’re navigating rising material costs and inflation just like everyone else, we pride ourselves on our quality of work and reasonable, fair pricing.
For more information and an estimate on your next home improvement project, contact SkyGuard Home today.