Rising construction material costs and low availability of products are to blame for the downward spiral within the construction industry. With mass sickness and statewide shutdowns, inventory shortages were bound to follow. Additionally, global supply chain shortage issues contributed to the problem in their own way.
Everything that took place as a result of the ongoing pandemic had a direct effect on something else. In 2020, the country was under a mandatory stay-at-home order that lasted at least two months in many major cities. The unemployment rate grew and a truck driver shortage ensued. Of course, this too impacted how soon contractors could receive roofing materials and their ability to stay on schedule.
The supply chain shortage has caused a dramatic construction input price increase of 23.1% over the past year. Until conditions improve, wishful buyers and builders must deal with slower project completion, and many may consider project cancellation. Times like these could make some people feel like they’re stuck between a rock and a hard place. However, there may be hope.