Prices of construction materials used in new nonresidential construction jumped more than 21 percent from February 2021 to February 2022, according to an analysis by the Associated General Contractors of America of government data released today. The association noted that more recent price announcements made after the February data was collected suggest contractors are experiencing even worse cost pressures this Spring.

Over the past two months, AGC of America, working with a coalition of other industry stakeholders, has worked with Congress to pass an extension of the Employee Retention Tax Credit (ERTC) through the fourth quarter of 2021. The ERTC was originally extended to run through the end of 2021 but was retroactively repealed for the fourth quarter after passage of the Infrastructure Investment and Jobs Act (IIJA), to expire after September 30. Because of the delay in passing IIJA some construction firms already claiming the credit in October 2021 face a potential tax penalty when they file their 2021 tax returns as a result.

Update as of August 1st, 2023: The Canadian softwood lumber tariffs have been lowered to 7.99%. Click here to find the latest rates. Read below for the original story from February 17, 2022.