Material prices forecast
Rising construction material prices—particularly for metals—have been a top concern of glass industry representatives for several years. Between December and July 2008 alone, overall construction material prices skyrocketed 20 percent, according to Jim Haughey, chief economist, Reed Construction Data.
Prices are projected to be up 12.7 percent for 2008, with nonresidential material prices up 16.2 percent. However, the price upswing is expected to cease in 2009 and 2010.
“If you had a problem underestimating the cost of materials in the last seven to eight months, that’s going to go away for several years. It’s not unlikely that we’ll see a period of a year or more where construction material prices hardly increase at all,” Haughey said.