Welcome back to the latest edition Substack Blog that focuses on labor and construction material costs. Engineering News Record (ENR) history that can be traced back to 1874. The publication has its roots in two separate publications, Engineer & Surveyor and The Plumber and Sanitary Engineer. The first issue of Engineering News-Record was published on April 5, 1917. On January 1st, 1987, the acronym ENR was adopted as the title of the bi-weekly magazine. The charts that follow use data that are courtesy of ENR magazine that is published 26 times a year. Historical data was pulled from microfiche copies of the magazine obtained from the New York Public Library. ENR magazine is only a small portion of the products offered by Engineer News Record and we recommend readers, particularly those with an interest in engineering and construction, take the time to view the ENR website to learn more at…
https://www.enr.com/
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Setting aside the constant “chug” higher over the long-term and a normal seasonal boost in Common Labor Costs (often driven by volatile weather conditions) and considering the effects of potential shortages of the common labor pool driven by the current political climate, the Common Labor Index is up +3.07% from this time last year.
The Skilled Labor Index has has notched another new high and has also seen a another “pop” higher in the 12-Month Rate of Change since last June. What economic or labor demand fundamentals that caused the sharp drop in the second quarter of last year is not my forte to explain, but there has been a sharp rebound as the ENR Skilled Labor Index is up +4.82% YoY.
After two years of declining prices, a sharp jump in the 20-City Average Price of 16 Guage Stainless Steel Sheet, has climbed for the past six months and is up +28.84% since this time last year.
Since the start of the Q3 of last year ENR 20-City Average Price of Cutback MC800Asphalt prices have jumped sharply higher and are now up +54.91% over the past 12 months even with oil prices down from $95 in October of last year (currently in the mid 60s).
Even after a brief dip in the ENR 20-City Average Price of Crushed Stone in the 2nd quarter of this year the per ton price for Base Course is up +35.47% since this time last year.
The ENR 20-City Price of Light Weight Concrete Block had moved sideways for the better part of a year and a half until it began to rise in March and reached new highs at the end of May and is now up +17.52% over the past twelve months.
The ENR 20-City Average cost of 36” Corrugated Steel Pipe has risen steadily since the second quarter of 2022 and last month it marked a all-time high. It is currently up +37.75% since this time last year.
After a brief pullback in the 1st quarter the ENR 20-City Average Price of 1 1/2” Copper Water Tubing per foot has risen to a new high at the end of June and is up +22.40% over the past twelve months.
Data is courtesy of Engineering News Record
Charts are courtesy of Optuma whose charting software enables anyone to visualize any price data. To receive a 30-day trial of Optuma charting software go to…
www.optuma.com/TMC.
