Highest Inflation Since 1982
In Construction, supply chain disruptions and inflation increase the price of materials, labor, and machinery, which results in deviating the initial and final costs of the project.
The Fed has raised interest rates faster than at any time since the 80's
The longer an owner must wait to issue contracts and start a project, the more expensive it could be.
Take Steps to reduce the severity of inflation
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- Accelerate the schedule.
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- Adjust bids.
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- Amend Budgets.
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- Use Unconventional or alternative construction materials.
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- Implement lean construction practices.
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- Purchase materials ahead of time.
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Contributed by Elizabeth Justis, Scaffold Resource
