According to the latest figures from the Department for Business, Energy and Industrial Strategy (BEIS). The cost of structural steel has soared by more than 70 percent, while the average cost of construction materials has increased by almost 25 per cent on an annual basis.
The latest data showed material prices for all work had increased by 24.5 percent year on year to October 2021, and were up 1 percent from September.
Fabricated structural steel has soared in price by 70.6 percent compared to the same period in 2020, and concrete reinforcing bars by 60.5 percent.
The release of the data comes days after a report from the Construction Leadership Council (CLC), which noted that shortages of certain materials were likely to continue into next year. Imported materials, such as timber, are seeing the largest gulfs between demand and supply, the group said.
One major construction product did fall in price, with screws falling by almost 6 percent.
The breakdown of cost inflation saw repair and maintenance costs rise by more than 26 percent, new housing by 22.6 percent, and other ‘new work’ by 24 percent.
Imports of construction materials increased by £532m in the third quarter of 2021 compared to the previous quarter, an increase of 10.7 percent.
The quarterly trade deficit widened by £567m to £3.68bn in Q3 2021 compared to the previous quarter, an increase of 18.2 percent.
Steel Construction works completed by M.R Industrial Services ready for cladding