Rise in Construction Costs and How Projectmates can Help

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Over the past year and a half, all industries have experienced unexpected changes and challenges, but none so peculiar as the construction industry. The industry has seen a historic rise in the price of materials due to a myriad of factors. International tariffs on trade and the pandemic have caused disruptions in the supply chain, and natural disasters and lockdowns have led to the depletion of standard building materials. The shortage of materials has led to increases in the Producer Price Indexes of commodities across the board. Most notably wood, steel, and copper have seen 62.9%, 40.1%, and 44.2% increases of their PPIs in just one year from March 2020 to March 2021.  

Along with the growing costs of scarce supply, projects are seeing serious schedule delays as they await their long-over-due materials. At the same time, Congress is looking at a 2.3 trillion-dollar infrastructure improvements bill and Associated Builders and Contractors has forecasted a need for 430,000 new construction workers in 2021, which suggests that demand for these already scarce materials is will continue to go up. Between increasing demand for construction and an already limited supply of material, those in charge of managing construction are left with the difficult task of keeping their construction budget under control.  

With the rising cost of construction, Owners need a solution that will assist them in managing costly project delays and cutting out any unnecessary expenditures. Here are three ways in which Projectmates can keep your costs contained: 

Projectmates is a tried-and-true solution proven to save its clients hundreds of thousands of dollars. From eliminating the need for paper to increasing productivity, Projectmates enables you to automate your construction program so you can always deliver on time and within budget. 

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