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Supply Chain Risk

Tips For Managing Price Escalation In Construction Projects

by scceu0432

Law360 (July 8, 2021, 5:34 PM EDT) — As recently discussed by a panel of construction industry leaders in the Washington, D.C., metropolitan area, material price escalation is the biggest concern facing the construction industry this year.[1]

The prices of raw construction materials, particularly steel and lumber, have been rapidly increasing since early 2020. The Associated Builders and Contractors trade association recently reported that iron and steel prices were up 15.6% from January 2020 to January 2021 and that softwood lumber prices had increased by as much as 73% during the same period.

The question addressed here is how can a contractor or subcontractor attempt to manage this risk?…

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