Rising Costs In The Construction Industry
2021 was arguably the most challenging year in a generation for the construction industry. An unprecedented surge in demand was met with rising costs and ongoing supply issues.
The pandemic saw large parts of the supply chains being disrupted in numerous countries around the world. Brexit and the restrictions on travel didn’t help the overall picture.
Price Increases
We have seen prices increase numerous times over the last 12 months. The days of annual price increases have long gone.
In the last year glass has increased by 50%, aluminium recorded new record highs last year up 60% year on year and steel has doubled in price within the same time frame.
Combined with rising energy, fuel and wage costs this is putting further pressures on manufacturers and installers.
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Glass Increase
%
Aluminium Increase
%
Steel Increase
Longer Lead Times
Longer lead times have become the norm. The continued disruption to supply lines and under staffed manufacturers who had staff self isolating due to covid or being in contact with somebody with covid has resulted in longer than normal leads times.
Hopefully with restrictions easing and demand eases lead times are predicted to return to normal levels later in the year.
Lock Your Prices in Now!
We can expect rising prices and strained supply chains until at least the fourth quarter of 2022.
If you are planning on improving or extending your home it is more important than ever to try and lock in your supplies and materials as early as possible to protect yourselves from rising prices and longer lead times
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