Recent news around the construction industry has indicated that the cost of construction materials is on the rise. And, while interest rates are at an all time low there really is no better time to build a home.
The building materials component in the Producer Price Index released by the Bureau of Labor Statistics rose almost 2 percent year-over-year in July, and builders are already starting to see their costs rise for construction essentials such as gypsum, lumber, and insulation.
Lumber prices have gone up 40% over the last two years are predicted to climb further next year; concrete and asphalt prices are also on the rise. Lumber, concrete, and asphalt are among the main components of construction materials. Drywall costs are also promising increases in the near future; the jump is anticipated to be 25% – 30% by leading suppliers.
How does this news impact you, as you contemplate building a new custom home? It is simple: construction costs are on the rise, but the interest rates are low. Now is your chance to lock in current pricing, capture a low interest rate, and head into 2013 anticipating living in what you love – a brand-new, custom home, designed specifically for you and your family! Don’t delay- contact us for an appointment or call 972-387-6087.