How Is Inflation Affecting Construction Costs?

Inflation is affecting construction costs here in Nashville and around the nation. According to the recent consumer price index released by the U.S. Bureau of Labor and Statistics in March 2022, inflation rates for consumer items rose at a rate of 7.9 percent between February 2021 to February 2022; this is the most significant increase in more than 40 years! 

This rise is apparent across various product categories in the home improvement sector, causing construction project expenses to go through the roof.

Which Construction Materials Are Being Most Affected By Inflation?

Some materials are more affected by inflation than others. Keep reading to discover which materials will more likely give you sticker shock than others.

  • If you’re laying a concrete foundation or floors in a home renovation project, you can expect to pay more than in previous years. The cost of concrete products has been steadily increasing since early in the pandemic.
  • According to the National Association of Home Builders, the price of a single home build rose by more than $18,600 from fall 2021 to January 2022 due to increased lumber costs
  • New and remodeled interior spaces will need insulation to keep home interiors energy-efficient, which will also cost you more.
  • According to the Bureau of Labor and Statistics, the cost of living room, kitchen, and dining room furniture went up an average of 2 percent per month for a total change (unadjusted for seasonal increases) of 19.9 percent in a year.

How Can Ascension General Contractors Help You Keep Your Construction Costs Down?

We’ve been serving the Nashville area for over a decade and have always been focused on ensuring that our clients get the best price possible for their home renovation or repair. 

Our team is:

  • Experienced 
  • Dependable 
  • Licensed 
  • Insured 
  • Fully bonded 

Our experience helps us avoid making expensive mistakes, and our dependability means we are on the job when we’re supposed to be – we don’t waste time! When Ascension General Contractors is on the job, you can have confidence that your project will be completed within your budget, the way you want it to be! 

Contact us today to get started on your Nashville home construction project.

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