It’s no secret that contractors are dealing with major material price increases and supply chain bottlenecks that range from skyrocketing pricing to lead times taking 2-3 times what they normally would to procure materials. For example, structural steel, which used to cost 48 cents a pound now costs closer to $1 a pound, while lumber prices continue to remain above average since peaking last spring. The volatility of the market has understandably spooked many contractors into pausing or canceling projects under the assumption that things will improve in 6-12 months’ time.
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