Construction Career Outlook, Material Cost Trends & International Survivors of Suicide Day

Construction Material Cost Trend

Recent data shows:

• Cement pricing rose all summer, took a dip in October, and is now back on the rise.
• Dimensional Lumber flattened out.
• Steel Studs have increased overall.

The cost index forecasts a 14.1% year-over-year increase in construction costs.

Escalation is forecast to stabilize at the 2%-4% range for 2023 and 2024.

Labor Shortages are expected to persist in the near term. New-home costs likely will continue to increase as rising building material costs squeeze construction budgets.

1. The prices of goods used in residential construction are up 8% since the start of 2022, the National Association of Home Builders reports citing Bureau of Labor Statistics data.
2. YoY building material prices have increased 20.4% and have risen 33% since the beginning of the pandemic, the NAHB reports.
3. Lumber prices dropped more than 6% to $829 per 1,000 board feet this week, the lowest of the year, Insider reports.

Learn how to manage materials more effectively while cutting costs.

Construction Careers Continue to Offer Opportunities

The barrier to entering a construction career is low.

In most cases, you can begin a job in construction without a college degree.

Trade school enrollment is nearly double today versus 20 years ago.

On average, a trade school education costs a total of $33,000. For context, that is roughly equivalent to the price of a single year's tuition at a four-year college.

Learn more about the Career Opportunities in Construction.

International Survivors of Suicide Day

International Survivors of Suicide Loss Day is an event in which survivors of suicide loss come together to find connection, understanding, and hope through their shared experiences. This year, International Survivors of Suicide Loss Day is Saturday, November 19, 2022.

Be a Part of Survivor's Day.

Construction has 4-5x more suicides than any other industry.

One of our co-founders, April Moss, watched her father struggle as a subcontractor. Those struggles were one of the reasons her father ended his own life when she was only nine years old. One of April's passions at DigiBuild is to improve the construction process relieving the burden on construction people and their families along the way.

Learn more about the Impact of Suicide on Construction.

What Makes a Successful Project?

In the construction industry, time, cost, and quality have long been defined as the basic elements of measuring success. Those are still key factors, but the increasing uncertainties related to labor, inflation, and material shortages have reinforced the urgency to look deeper.

Learn how to increase your construction project's success.

London Build Expo

Our team was excited to attend London Build Expo at The Future of Construction?Stage, attracting thousands of construction professionals across the UK to learn of the latest developments, innovations, and project opportunities the industry offers.

London Build is UK's biggest construction festival,?featuring incredible content with 500+ inspiring?speakers across 8?stages, hundreds?of?exhibitors,?entertainment, celebrity guests, networking parties, live music, etc.

Why DigiBuild?

Construction brings together large teams to deliver the built environments, but the industry is constantly riddled with complexity and regulations.

The construction industry has always been wary of change.

The tide is finally turning.??

DigiBuild is a blockchain-enabled construction project management platform. Our customers manage workflows such as procurement, budgets, schedules, contracts, and payments. DigiBuild allows for collaboration across 50+ disparate construction stakeholders – all on a single platform.?

Through verifiable collaboration, we eliminate risk and disputes, save time and create a healthier and happier global construction industry.

-Robert Salvador

We are the first to merge our construction management expertise with blockchain technology to create the world's most revolutionary technology bringing risk management and visibility to your projects.

Contact our team for a demo to see how you can revolutionize your construction management.