Skyrocketing Cost of Building Materials

While strolling through the home improvement store, you might have done a double-take on some of the prices. Sadly, it’s not your imagination. The price of building materials is on the rise, and it’s largely due to the novel coronavirus. 


If you’re considering a home improvement project this year, be prepared for some sticker shock. You’ll be paying a higher price for just about any project. The price of building materials has increased - with some at their highest prices in years - due to the pandemic. According to the Bureau of Labor Statistics (BLS), lumber and steel have experienced notable price increases over the last year. 


Since April 2020, the price of lumber has increased 50 percent-reaching a two-year high. According to the National Association of Home Builders, reasons for the rising prices include the closing of lumber mills during the stay-at-home mandates, an increase in DIY projects during the pandemic, and a thriving housing market over the past year. If you have a project that requires steel, you’ll feel the pinch in your wallet as well. The cost of steel rose 25 percent since November 2019, with an increase of nearly three percent between October and November 2020. 



What does this mean if you’re planning on replacing your home’s windows? Well, you can expect to pay slightly more than you did in 2020. Since the pandemic, most window manufacturers have raised prices multiple times - sometimes as high as 10 percent or more to cover rising costs. According to the Remodeling Cost vs. Value report, the cost of wood replacement windows increased by eight percent nationally. The cost of vinyl replacement windows experienced a similar increase. 


At The Window Depot, we install state-of-the-art, high-quality windows in homes throughout the Palm Harbor, Florida area. Our windows help keep the inside of the home cooler during hot and humid Florida summers and more comfortable year-round. Call us at (813) 901-5555 or fill out our contact form to schedule an appointment or learn more about our products and services. You can also visit our showroom in Palm Harbor to view our windows firsthand.

Sources

https://www.winknews.com/2021/04/30/construction-projects-paused-as-materials-increase-worker-shortage-continues/ 

https://www.charlotteobserver.com/news/nation-world/national/article250841164.html 

https://www.constructiondive.com/news/experts-construction-material-shortages-to-continue-in-2021/592705/ 
Location: 4154 Corporate Ct, Palm Harbor, FL 34683, USA

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