Final Thoughts

Sky-high prices not just for steel, but for construction materials of all kinds, are threatening the prospects for construction demand. And federal infrastructure spending proposed by the Biden administration could carry an even heftier price tag for taxpayers.

The Associated General Contractors of America reports that the construction industry is experiencing an unprecedented mix of steeply rising materials prices, snarled supply chains and staffing difficulties, combined with slumping demand that threatens to push some contractors out of business and is adding to the industry’s nearly double-digit unemployment rate. The ship blocking the Suez Canal halfway round the world is even having an impact here close to home as hundreds of vessels are prevented from delivering their goods, including various construction-related materials.