Price trends for major roadway inputs

              PRICE TRENDS FOR MAJOR
ROADWAY INPUTS
Final Report 622
Prepared by:
John Semmens
Arizona Transportation Research Center
206 S. 17 Ave., MD 075R
Phoenix, Arizona 85007
&
Jeff Romine
Maricopa Association of Governments
302 North 1st Avenue, Suite 300
Phoenix, Arizona 85003
December 2006
Prepared for:
Arizona Department of Transportation
206 South 17th Avenue
Phoenix, Arizona 85007
in cooperation with
U. S. Department of Transportation
Federal Highway Administration
The contents of the report reflect the views of the authors who are responsible for the facts and the
accuracy of the data presented herein. The contents do not necessarily reflect the official views or
policies of the Arizona Department of Transportation or the Federal Highway Administration. This
report does not constitute a standard, specification, or regulation. Trade or manufacturers’ names that
may appear herein are cited only because they are considered essential to the objectives of the report.
The U. S. Government and The State of Arizona do not endorse products or manufacturers.
Technical Report Documentation Page
1. Report No.
FHWA- AZ- 06- 622
2. Government Accession No.
3. Recipient’s Catalog No.
5. Report Date
DECEMBER 2006
4. Title and Subtitle
Price Trends for Major Roadway Inputs
6. Performing Organization Code
7. Authors
John Semmens & Jeff Romine
8. Performing Organization Report No.
10. Work Unit No.
9. Performing Organization Name and Address
John Semmens, Arizona Transportation Research Center, 206 S. 17
Ave., MD 075R, Phoenix, Arizona 85007
Jeff Romine, Maricopa Association of Governments302 North 1st
Avenue, Suite 300 Phoenix, Arizona 85003
11. Contract or Grant No.
SPR- PL- 1-( 69) 622
13. Type of Report & Period Covered
FINAL
12. Sponsoring Agency Name and Address
Arizona Department of Transportation
206 S. 17th Avenue
Phoenix, Arizona 85007
Project Manager: John Semmens
14. Sponsoring Agency Code
15. Supplementary Notes
Prepared in cooperation with the U. S. Department of Transportation, Federal Highway Administration
16. Abstract
Fluctuations in construction costs make the tasks of estimating the price of a project and the overall highway
program difficult. The objective of this research project was to examine the price fluctuations of the most heavily used
construction commodities over both the short and long terms. An index for each of these commodities has been created.
The implementation plan for this project is to generate a monthly update of these indices and distribute it to personnel
charged with estimating future construction costs for projects and budgeting the highway construction and maintenance
programs.
Short Term Fluctuations
Asphalt Diesel Gasoline Labor Lumber PCC Plastic Steel
May- 06 to Jun- 06 + 13% + 4% + 2% + 1% - 5% 0% 0% + 2%
May- 06 to Jul- 06 + 21% 0% + 5% + 2% - 6% 0% + 1% + 3%
May- 06 to Aug- 06 + 29% + 6% + 2% + 2% - 10% + 1% + 1% + 3%
Long Term Fluctuations
Asphalt Diesel Gasoline Labor Lumber PCC Plastic Steel Overall
1 year + 77% + 1% + 21% + 3% - 6% + 11% + 20% + 11% + 14%
5 years * + 147% + 151% + 11% + 4% + 33% + 38% + 59% + 41%
10 years + 171% + 205% + 216% + 33% - 1% + 48% + 39% + 49% + 58%
* There is a gap in the data for asphalt that prevents a calculation of the price change over this time span.
17. Key Words
construction costs
18. Distribution statement
Document is available to the
U. S. public through the National
Technical Information Service,
Springfield, Virginia, 22161
19. Security Classification
Unclassified
20. Security Classification
Unclassified
21. No. of Pages
27
22. Price
23. Registrant’s Seal
SI* ( MODERN METRIC) CONVERSION FACTORS
APPROXIMATE CONVERSIONS TO SI UNITS APPROXIMATE CONVERSIONS FROM SI UNITS
Symbol When You Know Multiply By To Find Symbol Symbol When You Know Multiply By To Find Symbol
LENGTH LENGTH
in inches 25.4 millimeters mm mm millimeters 0.039 inches in
ft feet 0.305 meters m m meters 3.28 feet ft
yd yards 0.914 meters m m meters 1.09 yards yd
mi miles 1.61 kilometers km km kilometers 0.621 miles mi
AREA
AREA
in2 square inches 645.2 square millimeters mm2 mm2 square millimeters 0.0016 square inches in2
ft2 square feet 0.093 square meters m2 m2 square meters 10.764 square feet ft2
yd2 square yards 0.836 square meters m2 m2 square meters 1.195 square yards yd2
ac acres 0.405 hectares ha ha hectares 2.47 acres ac
mi2 square miles 2.59 square kilometers km2 km2 square kilometers 0.386 square miles mi2
VOLUME VOLUME
fl oz fluid ounces 29.57 milliliters mL mL milliliters 0.034 fluid ounces fl oz
gal gallons 3.785 liters L L liters 0.264 gallons gal
ft3 cubic feet 0.028 cubic meters m3 m3 cubic meters 35.315 cubic feet ft3
yd3 cubic yards 0.765 cubic meters m3 m3 cubic meters 1.308 cubic yards yd3
NOTE: Volumes greater than 1000L shall be shown in m3.
MASS MASS
oz ounces 28.35 grams g g grams 0.035 ounces oz
lb pounds 0.454 kilograms kg kg kilograms 2.205 pounds lb
T short tons ( 2000lb) 0.907 megagrams
( or “ metric ton”)
mg
( or “ t”)
mg
( or “ t”)
megagrams
( or “ metric ton”)
1.102 short tons ( 2000lb) T
TEMPERATURE ( exact) TEMPERATURE ( exact)
º F Fahrenheit
temperature
5( F- 32)/ 9
or ( F- 32)/ 1.8
Celsius temperature º C º C Celsius temperature 1.8C + 32 Fahrenheit
temperature
º F
ILLUMINATION ILLUMINATION
fc foot- candles 10.76 lux lx lx lux 0.0929 foot- candles fc
fl foot- Lamberts 3.426 candela/ m2 cd/ m2 cd/ m2 candela/ m2 0.2919 foot- Lamberts fl
FORCE AND PRESSURE OR STRESS FORCE AND PRESSURE OR STRESS
lbf poundforce 4.45 newtons N N newtons 0.225 poundforce lbf
lbf/ in2 poundforce per
square inch
6.89 kilopascals kPa kPa kilopascals 0.145 poundforce per
square inch
lbf/ in2
TABLE OF CONTENTS
INTRODUCTION .......................................................................................................................... 1
MISSION........................................................................................................................ ........... 1
BACKGROUND ........................................................................................................................ 1
TIME LAG AND PRICE FLUCTUATION............................................................................... 1
METHODOLOGY ..................................................................................................................... 1
REPORT DATA ......................................................................................................................... 2
REMAINDER OF THE REPORT.............................................................................................. 2
SHORT TERM FLUCTUATIONS ................................................................................................ 3
LONG TERM FLUCTUATIONS .................................................................................................. 4
1- YEAR ............................................................................................................................... ...... 4
5- YEARS ............................................................................................................................... .... 4
10- YEARS ............................................................................................................................... .. 4
TREND.......................................................................................................................... ............ 4
DISCUSSION..................................................................................................................... ......... 14
LONG TERM CAPACITY ISSUES........................................................................................ 14
ISSUES FOR THE LONG TERM ........................................................................................... 15
OVERVIEW ANALYSIS OF CURRENT PRICE TRENDS.................................................. 16
IMPLEMENTATION................................................................................................................. . 17
APPENDIX: DATASET .............................................................................................................. 18
LIST OF FIGURES
Figure 1. Short Term Price Fluctuations.......................................................................................... 3
Figure 2. Asphalt Price Index .......................................................................................................... 5
Figure 3. Diesel Fuel Price Index .................................................................................................... 6
Figure 4. Gasoline Price Index......................................................................................................... 7
Figure 5. Construction Labor Price Index........................................................................................ 8
Figure 6. Lumber Price Index .......................................................................................................... 9
Figure 7. Portland Cement Price Index.......................................................................................... 10
Figure 8. Plastic Construction Products Price Index ..................................................................... 11
Figure 9. Steel Rebar Price Index .................................................................................................. 12
Figure 10. Highway and Street Construction Cost Index .............................................................. 13
GLOSSARY OF ACRONYMS
AzDOT Arizona Department of Transportation
PCC Portland Cement Concrete
1
INTRODUCTION
MISSION
The mission of the Arizona Department of Transportation ( AzDOT) is to provide for the safe,
efficient, and cost- effective movement of people and products throughout the state. This mission
is fulfilled by the construction, maintenance, and operation of the State Highway System.
AzDOT’s ability to carry out this mission is affected by the costs entailed in these tasks
compared to the resources available. Recent acceleration in the costs of major inputs to roadway
construction and maintenance negatively impacts AzDOT’s ability to fulfill its mission.
BACKGROUND
State highway construction and maintenance is accomplished mainly by awarding contracts to
private sector construction firms. AzDOT develops a scope for each construction job and
prepares a detailed specification for all components of the job ranging from excavation, to
materials, to labor. In addition to estimating the quantities of these items, AzDOT also estimates
a likely unit price for each. Over the last year alone, bids on highway construction projects have
exceeded AzDOT’s estimates by about 18%.
TIME LAG AND PRICE FLUCTUATION
The estimates for all projects are developed in advance of the time bids are called for and
received. This requires state engineers to estimate future prices. As long as the trends in prices
are stable, the estimate of future prices is likely to be fairly accurate. If prices fluctuate outside of
normal trends, it is more likely that the estimates will not correctly anticipate actual future prices.
METHODOLOGY
This report utilizes the U. S. Department of Labor, Bureau of Labor Statistics, Producer Price
Index information. This price information is obtained from surveys of producers throughout the
nation. The price indicators represent a specific item. As is discussed in various sections, these
specific commodities generally reflect the price changes in a broader group of goods. As an
example, Portland cement is the specific commodity monitored – yet is used to reflect the
general price change in most cement and concrete commodities used in roadway construction
( such as cement, concrete, concrete pipe, and structural concrete).
While local ( Arizona or a particular region) prices may fluctuate slightly differently from
national prices, understanding changes in commodity prices at the national level provides a
valuable first insight into the market changes for these commodities.
The Highway and Street Construction Index is, once again, a national price index. The
advantage of this measure is that it provides a composite price change for a typical roadway
project, including the relative mix of construction commodities needed in this type of
infrastructure project.
A final note is focused on labor. The construction labor index is a mix of all direct labor related
to the construction of a roadway. This index provides an overview of all labor; including general
construction labor, equipment operators, and other specialized labor.
2
REPORT DATA
The data for this report is obtained from U. S. Department of Labor Bureau of Labor Statistics’
web site at http:// www. bls. gov/ data/. The specific items used were as follows:
Item Code #
Asphalt WPU05810112
Construction Labor CEU2000000006
DIESEL # 2 WPU05730302
Gasoline WPU0571
Lumber WPU081
Plastic Construction Products WPU072106
Portland Cement WPU13220161
Steel Rebar WPU101708
Highway and Street Construction PCUBHWY
REMAINDER OF THE REPORT
The remainder of this report portrays and discusses: ( 1) short term price fluctuations, ( 2) the
longer term trend in prices. Numerous graphs depict the price trends. A full set of data for all
items covered in this report is shown in the Appendix.
3
SHORT TERM FLUCTUATIONS
The purpose of this section is to provide users with information that may help explain differences
that may exist between the state estimate and the actual winning bid for a project. State estimates
are prepared approximately 3 months prior to the due date for bids. If prices of key components
of construction are volatile, the differences between the state’s estimate and bid price for a
project may be substantial.
As shown in Figure 1, over the most recent time span, asphalt showed the largest fluctuation—
rising by 29% for the 3- month period.
Short Term Price Fluctuations
0.80
0.90
1.00
1.10
1.20
1.30
1.40
May- 06 Jun- 06 Jul- 06 Aug- 06
Date
diesel
gasoline
asphalt
steel
PCC
lumber
plastic
labor
Figure 1. Short Term Price Fluctuations
Asphalt Diesel Gasoline Labor Lumber PCC Plastic Steel
May- 06 to Jun- 06 + 13% + 4% + 2% + 1% - 5% 0% 0% + 2%
May- 06 to Jul- 06 + 21% 0% + 5% + 2% - 6% 0% + 1% + 3%
May- 06 to Aug- 06 + 29% + 6% + 2% + 2% - 10% + 1% + 1% + 3%
4
LONG TERM FLUCTUATIONS
The purpose of this section is to give users a quick look at the relative changes in prices over the
time spans of 1- year, 5- years, and 10- years. This gives a sense for which items have been the
largest factors affecting the cost of construction projects over time.
1- YEAR
Over the last year, asphalt prices have increased the most ( 77%). Lumber has actually declined in
price ( 6%). Overall, construction costs have risen by 14%.
5- YEARS
Over the last 5 years, gasoline prices rose the most ( 151%). Lumber prices rose the least ( 4%).
Overall, construction costs have risen by 41%.
10- YEARS
Over the last 10 years, gasoline prices rose the most ( 216%). Lumber has actually declined in
price ( 1%). Overall, construction costs have risen by 58%.
Asphalt Diesel Gasoline Labor Lumber PCC Plastic Steel Overall
1 year + 77% + 1% + 21% + 3% - 6% + 11% + 20% + 11% + 14%
5 years * + 147% + 151% + 11% + 4% + 33% + 38% + 59% + 41%
10 years + 171% + 205% + 216% + 33% - 1% + 48% + 39% + 49% + 58%
* There is a gap in the data for asphalt that prevents a calculation of the price change over this time span.
The long term graphs for each commodity and the overall index appear on the following pages as
Figures 2- 10. The full data set is in the Appendix.
TREND
The general pattern over the period covered ( 1992 to the present) shows a moderate rate of price
increases for the first 10 years and an accelerated rate of increases for the most recent 5- year
period. Whether this acceleration portends a permanent trend of more rapid growth in
construction costs or whether the trend will return to its longer term average is uncertain.
5
Asphalt Price Index
( Dec- 2005 = 1.00)
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
1.80
2.00
Jan- 92
Jan- 94
Jan- 96
Jan- 98
Jan- 00
Jan- 02
Jan- 04
Jan- 06
Date
no data
Figure 2. Asphalt Price Index
6
Diesel Fuel Price Index
( Dec- 2005 = 1.00)
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
Jan- 92
Jan- 94
Jan- 96
Jan- 98
Jan- 00
Jan- 02
Jan- 04
Jan- 06
Date
Figure 3. Diesel Fuel Price Index
7
Gasoline Price Index
( Dec- 2005 = 1.00)
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
Jan- 92
Jan- 94
Jan- 96
Jan- 98
Jan- 00
Jan- 02
Jan- 04
Jan- 06
Date
Figure 4. Gasoline Price Index
8
Construction Labor Price Index
( Dec- 2005 = 1.00)
0.00
0.20
0.40
0.60
0.80
1.00
1.20
Jan- 92
Jan- 94
Jan- 96
Jan- 98
Jan- 00
Jan- 02
Jan- 04
Jan- 06
Date
no data
Figure 5. Construction Labor Price Index
9
Lumber Price Index
( Dec- 2005 = 1.00)
0.00
0.20
0.40
0.60
0.80
1.00
1.20
Jan- 92
Jan- 94
Jan- 96
Jan- 98
Jan- 00
Jan- 02
Jan- 04
Jan- 06
Date
Figure 6. Lumber Price Index
1 0
Portland Cement Price Index
( Dec- 2005 = 1.00)
0.00
0.20
0.40
0.60
0.80
1.00
1.20
Jan- 92
Jan- 94
Jan- 96
Jan- 98
Jan- 00
Jan- 02
Jan- 04
Jan- 06
Date
Figure 7. Portland Cement Price Index
1 1
Plastic Construction Products Price
Index ( Dec- 2005 = 1.00)
0.00
0.20
0.40
0.60
0.80
1.00
1.20
Jan- 92
Jan- 94
Jan- 96
Jan- 98
Jan- 00
Jan- 02
Jan- 04
Jan- 06
Date
Figure 8. Plastic Construction Products Price Index
1 2
Steel Rebar Price Index
( Dec- 2005 = 1.00)
0.00
0.20
0.40
0.60
0.80
1.00
1.20
Jan- 92
Jan- 94
Jan- 96
Jan- 98
Jan- 00
Jan- 02
Jan- 04
Jan- 06
Date
Figure 9. Steel Rebar Price Index
1 3
Highway and Street Construction Cost Index
( Dec- 2005 = 1.00)
0.00
0.20
0.40
0.60
0.80
1.00
1.20
Jan- 92
Jan- 94
Jan- 96
Jan- 98
Jan- 00
Jan- 02
Jan- 04
Jan- 06
Date
Figure 10. Highway and Street Construction Cost Index
1 4
DISCUSSION
LONG TERM CAPACITY ISSUES
The long term prognosis for prices is affected by the balance between supply and demand for any
affected commodity. Demand can be impacted in a number of ways, including changes due to
internal or national occurrences, localized conditions, changes in technology or use patterns, and
spatial characteristics of demand and supply. Examples of changes in international or national
conditions are: ( 1) the emerging and strong growth of foreign economies, such as China or India,
with increased demand for public and commercial infrastructure, and ( 2) natural occurrences,
such as hurricanes or earthquakes, causing a large increase in demand to replace destroyed
infrastructure and buildings. More localized changes in technology or approach affecting
demand can also have dynamic impacts. An example of a change in approach of construction is
adding a layer of rubberized asphalt to most freeway projects as a means of improving surface
conditions, reducing pollution effects, and reducing the need for large sound walls along
freeways. Thus, an increase in the demand for asphalt has impacted the demand for concrete by
reducing the need for both resurfacing and sound walls.
In Arizona, one of the key characteristics in differences to national levels of prices is the
limitation on the availability of supply. In many markets, critical infrastructure commodities are
in high demand, but within Arizona and its metro areas, this increase is substantial compared to
other metro markets for key roadway construction commodities. Both of these factors have
caused the price level for a number of commodities to be higher than the national average, or
compared to other specific markets. The Maricopa Association of Governments is conducting
additional research1 to examine whether these “ localized demand and supply conditions” effect
more than just the relative price, but also the rate of change in prices compared to national
trends.
Because rising demand puts upward pressure on prices, profit margins for suppliers of the
demanded commodities will rise. This will attract more suppliers into the market. Consequently,
supply will normally respond to meet rising demand unless impediments are placed in the way.
These impediments stem from governmental actions of one sort or another. Hostile actions at the
international level, such as wars, blockades, or boycotts and quotas, can impede the flow of
supplies to where demand for them exists. For example, war in the Middle East ( a major supply
source of the world’s oil for petroleum and other oil- based products) has resulted in lowered
supply, higher prices, and greater uncertainty in oil prices.
Regulations like price- controls, import quotas, and environmental restrictions can impede either
the production or flow of supplies to meet demand. For example, demands that regulations be
implemented to stop “ price- gouging” for gasoline will deter suppliers from responding to the
imbalance between supply and demand. This will prolong shortages and tend to keep prices
higher.
1 Contact Jeff Romine, Maricopa Association of Governments, 302 North 1st Avenue, Suite 300, Phoenix,
Arizona 85003; Phone ( 602) 254- 6300 for more information.
1 5
These impediments can play a significant role in affecting price levels and price change patterns
in a number of the commodities used in building new roadways in Arizona. Interestingly, labor
conditions are equally impacted by spatial characteristics. Most general regional economic
theory suggests labor is quite mobile, and will generally flow to areas where labor is scarce –
which would be observed through bidding up relative wage levels. Interestingly, construction
labor has not exhibited the expected patterns during the recent economic surge in the Phoenix
metro market. This outcome is especially true for unskilled labor in the metro areas.
In 2001, a national recession was felt throughout the United States. The recession was noted to
have begun in April 2001, and was generally quite short and mild. The recession was followed
by a “ jobless recovery” ( i. e., Gross Domestic Product rose during this period, while employment
levels were more stable). As would be expected, both the recession and the recovery were not
felt evenly throughout the United States. In fact, the Phoenix metro area experienced only one
quarter of weak employment growth. Many nearby metro markets experienced, not just six
months to a year of job reductions or little job gain, but a number of years of weak employment
activity. Theory would suggest workers would migrate to the Phoenix metro market from other
nearby ( and national) metro markets faring less well.
Actual experience and data suggest this did not occur, especially to the degree one would have
expected. The metro Phoenix and Arizona construction labor markets experienced shortages of
various skilled and unskilled workers causing significant overtime activity, while in other
markets these workers were working at less than full time status. The “ stickiness” of labor to
home locations has resulted in varied labor rates for similar jobs throughout the U. S. ( A separate
labor analysis is now underway to better reflect the changes in labor wage changes faced in
meeting labor demands of roadway construction activity in Arizona. 2)
ISSUES FOR THE LONG TERM
Because the future is unknown, no one can consistently forecast events. As a result, occasions
will arise that disrupt the smooth flow of business. Prices serve as a prime gauge for the relative
change in the market equilibrium conditions of these commodities. Increases in the price will
appear either due to increase demand or reduced supply. In either case, this price change
provides a powerful signal to firms to adjust demand or supply of these goods. Price increases
inform users to conserve the now more expensive commodity. Price increases, also, tell
suppliers to bring forward more expensive reserves to meet the growing need.
While state and local infrastructure plans reflect a generally consistent pace of activity, other
markets are more affected by the relative price of commodities and other market conditions.
These development activities account for a much larger share of commodity demand than does
roadway and other public infrastructure demand. The “ chilling” of these other markets can have
a “ calming effect” on both the demand and resulting price of critical construction commodities.
On the other hand, a “ heating up” of activity in these other markets can play a major role in
boosting prices faced by state and local agencies responsible for roadway construction and
maintenance.
2 Contact Jeff Romine, Maricopa Association of Governments, 302 North 1st Avenue, Suite 300, Phoenix,
Arizona 85003; Phone ( 602) 254- 6300 for more information.
1 6
Project and program managers desire to better understand the short and long- term price changes.
This report, and others related to this effort, attempt to help these managers and other decision
makers achieve this improved understanding of current and future conditions related to
commodity price changes.
OVERVIEW ANALYSIS OF CURRENT PRICE TRENDS
This report provides data to reveal the degree to which commodity prices changed. The largest
growth has been observed in asphalt, cement/ concrete, and diesel oil prices. These prices
changes have been a result of international and nation pressure on limited supplies, increased
demand, and impacts from the ability to easily move goods to meet demand. These price
conditions have resulted in changes in governmental trade policy ( with respect to Mexican
produced cement) and increased investment by suppliers in production and distribution. The two
primary construction factors holding down overall price growth have been labor and lumber.
Steel prices have been moderately rising, but raw material prices have been rising relatively
quickly in recent Producer Price surveys.
A second factor that may mitigate some of the local price impacts is the recent slowdown in new
housing construction. While commercial and retail construction is growing, the degree and
length of the residential construction slowdown is unclear at this time. Some current estimates
are that between 9 and 12 months of supply of housing is now available in the marketplace.
While this may be overstated, recent earnings and activities reports from major housing
developers may foreshadow a more conservative housing development pattern in the immediate
future. Housing development is major demand on construction commodities, so even a minor
slowdown in this industry can play an important role in reducing national, state, and local
commodity markets and prices.
Again, the degree of pent- up demand for new retail and commercial construction is also unclear.
Most analysts suggest the commercial demand for new space is quite strong. Combining this
demand, with the scheduled increase in roadway construction in Arizona in general and within
the metro Phoenix and Tucson markets in particular, may offset the reduction in demand for
commodities from the slowed residential market.
Additional insights on the overall and industry- specific demand for construction commodities
should be undertaken to increase understanding of the short and mid- term impact of commodity
availability and demand. A more complete understanding would likely provide additional
insights into the likely change of prices in the future.
1 7
IMPLEMENTATION
The following implementation steps will be taken:
·   The Arizona Transportation Research Center ( ATRC) will publish a monthly update of
this construction cost index.
·   This publication will appear on the ATRC web site.
·   An e- mail subscriber list will be compiled.
·   Subscribers will be notified and sent the web site link each month.
1 8
APPENDIX: DATASET
Dec- 2005 = 100
Date Diesel Gasoline Asphalt Steel Concrete Lumber Plastic Labor Overall
Jan- 92 28% 36% 47% 66% 59% 68% 61% 0% 63%
Feb- 92 29% 36% 46% 66% 58% 73% 61% 0% 63%
Mar- 92 28% 37% 50% 66% 58% 76% 62% 0% 63%
Apr- 92 29% 39% 50% 66% 58% 77% 62% 0% 63%
May- 92 31% 42% 50% 66% 58% 77% 63% 0% 63%
Jun- 92 33% 44% 46% 66% 58% 75% 63% 0% 64%
Jul- 92 33% 42% 48% 66% 58% 74% 63% 0% 64%
Aug- 92 32% 42% 49% 66% 58% 73% 62% 0% 64%
Sep- 92 33% 43% 47% 65% 58% 75% 62% 0% 64%
Oct- 92 34% 42% 53% 66% 58% 74% 62% 0% 64%
Nov- 92 33% 41% 56% 66% 58% 76% 62% 0% 64%
Dec- 92 31% 37% 53% 65% 58% 80% 62% 0% 63%
Jan- 93 31% 37% 61% 65% 59% 85% 63% 0% 64%
Feb- 93 30% 38% 59% 66% 59% 94% 63% 0% 64%
Mar- 93 32% 39% 59% 66% 59% 102% 64% 0% 64%
Apr- 93 32% 40% 63% 66% 61% 102% 64% 0% 64%
May- 93 32% 41% 62% 67% 61% 98% 64% 0% 65%
Jun- 93 31% 40% 57% 67% 62% 92% 64% 0% 65%
Jul- 93 29% 38% 62% 68% 62% 89% 65% 0% 64%
Aug- 93 28% 38% 61% 68% 62% 91% 65% 0% 64%
Sep- 93 31% 37% 62% 68% 62% 93% 65% 0% 65%
Oct- 93 33% 37% 59% 67% 62% 94% 66% 0% 65%
Nov- 93 32% 36% 63% 68% 63% 98% 66% 0% 65%
Dec- 93 26% 31% 59% 68% 62% 101% 66% 0% 64%
Jan- 94 26% 31% 60% 68% 63% 105% 66% 0% 65%
Feb- 94 28% 33% 61% 68% 63% 102% 66% 0% 65%
Mar- 94 29% 33% 57% 68% 64% 102% 66% 0% 65%
Apr- 94 28% 35% 57% 68% 65% 97% 66% 0% 65%
May- 94 28% 36% 66% 69% 65% 96% 67% 0% 65%
Jun- 94 27% 37% 63% 69% 66% 98% 67% 0% 66%
Jul- 94 28% 39% 65% 70% 66% 95% 67% 0% 66%
Aug- 94 29% 43% 61% 70% 67% 96% 68% 0% 67%
Sep- 94 29% 39% 60% 70% 67% 96% 70% 0% 67%
Oct- 94 29% 37% 63% 70% 67% 94% 71% 0% 66%
Nov- 94 30% 38% 65% 70% 67% 95% 71% 0% 67%
Dec- 94 27% 34% 64% 70% 67% 94% 72% 0% 67%
Jan- 95 27% 35% 64% 71% 68% 94% 72% 0% 67%
Feb- 95 27% 36% 64% 72% 68% 92% 73% 0% 67%
Mar- 95 28% 36% 65% 74% 68% 93% 73% 0% 68%
Apr- 95 29% 40% 74% 74% 71% 91% 75% 0% 68%
May- 95 30% 42% 68% 74% 71% 90% 75% 0% 69%
Jun- 95 29% 42% 65% 74% 71% 88% 75% 0% 69%
Jul- 95 27% 39% 65% 75% 71% 90% 75% 0% 69%
Aug- 95 28% 38% 66% 75% 71% 89% 75% 0% 69%
Sep- 95 29% 38% 69% 75% 71% 90% 75% 0% 69%
Oct- 95 30% 36% 67% 75% 71% 89% 74% 0% 68%
Nov- 95 30% 34% 60% 74% 71% 86% 73% 0% 68%
1 9
Dec- 2005 = 100
Date Diesel Gasoline Asphalt Steel Concrete Lumber Plastic Labor Overall
Dec- 95 30% 35% 56% 74% 71% 86% 73% 0% 69%
Jan- 96 31% 38% 60% 74% 71% 86% 72% 76% 69%
Feb- 96 30% 37% 61% 74% 71% 86% 72% 75% 69%
Mar- 96 32% 40% 57% 73% 71% 88% 72% 75% 70%
Apr- 96 38% 45% 59% 70% 73% 89% 72% 76% 70%
May- 96 38% 47% 60% 70% 74% 94% 72% 76% 71%
Jun- 96 33% 45% 65% 70% 74% 96% 73% 76% 70%
Jul- 96 33% 43% 68% 70% 74% 94% 73% 77% 70%
Aug- 96 34% 43% 67% 70% 74% 95% 73% 77% 71%
Sep- 96 38% 43% 66% 70% 75% 98% 73% 78% 71%
Oct- 96 40% 44% 62% 69% 75% 95% 72% 78% 71%
Nov- 96 39% 45% 62% 69% 75% 98% 73% 78% 71%
Dec- 96 38% 45% 57% 69% 74% 98% 72% 78% 72%
Jan- 97 37% 45% 0% 69% 75% 98% 71% 78% 72%
Feb- 97 37% 44% 64% 69% 75% 101% 71% 78% 72%
Mar- 97 33% 43% 63% 69% 75% 102% 70% 78% 72%
Apr- 97 33% 43% 62% 69% 76% 103% 71% 78% 72%
May- 97 32% 43% 0% 69% 76% 105% 71% 79% 72%
Jun- 97 31% 42% 0% 69% 77% 102% 71% 79% 72%
Jul- 97 29% 41% 0% 69% 77% 103% 71% 80% 72%
Aug- 97 31% 43% 0% 69% 77% 102% 71% 80% 72%
Sep- 97 31% 44% 0% 69% 77% 99% 71% 81% 72%
Oct- 97 33% 41% 0% 69% 77% 97% 71% 81% 72%
Nov- 97 33% 40% 0% 69% 77% 98% 71% 81% 72%
Dec- 97 30% 38% 0% 69% 77% 97% 71% 81% 72%
Jan- 98 27% 35% 0% 69% 77% 96% 71% 81% 71%
Feb- 98 26% 33% 0% 69% 77% 97% 70% 81% 71%
Mar- 98 24% 30% 0% 69% 77% 97% 70% 81% 71%
Apr- 98 25% 32% 0% 69% 80% 97% 70% 81% 71%
May- 98 25% 34% 0% 69% 80% 95% 70% 82% 72%
Jun- 98 23% 34% 0% 69% 80% 91% 70% 82% 71%
Jul- 98 22% 33% 0% 69% 81% 93% 69% 83% 72%
Aug- 98 22% 30% 0% 69% 81% 93% 69% 83% 71%
Sep- 98 24% 30% 0% 69% 81% 90% 69% 83% 71%
Oct- 98 24% 31% 0% 69% 81% 89% 69% 84% 71%
Nov- 98 23% 29% 0% 68% 81% 88% 69% 84% 71%
Dec- 98 20% 25% 0% 68% 81% 90% 69% 84% 71%
Jan- 99 20% 27% 0% 68% 82% 92% 69% 83% 71%
Feb- 99 19% 26% 0% 66% 82% 94% 69% 83% 71%
Mar- 99 22% 28% 0% 66% 82% 96% 69% 84% 71%
Apr- 99 27% 38% 0% 67% 82% 96% 69% 84% 72%
May- 99 27% 39% 0% 67% 83% 98% 70% 85% 73%
Jun- 99 27% 37% 0% 67% 83% 101% 70% 85% 73%
Jul- 99 30% 41% 0% 66% 83% 105% 71% 86% 73%
Aug- 99 33% 44% 0% 66% 83% 101% 72% 86% 74%
Sep- 99 35% 46% 0% 66% 83% 98% 72% 87% 74%
Oct- 99 34% 43% 0% 67% 83% 95% 72% 87% 74%
Nov- 99 36% 43% 0% 67% 83% 96% 73% 87% 75%
Dec- 99 37% 44% 0% 67% 82% 97% 73% 87% 75%
Jan- 00 38% 45% 0% 69% 82% 98% 73% 87% 76%
Feb- 00 43% 51% 0% 69% 82% 98% 74% 87% 77%
2 0
Dec- 2005 = 100
Date Diesel Gasoline Asphalt Steel Concrete Lumber Plastic Labor Overall
Mar- 00 45% 56% 0% 69% 82% 98% 75% 87% 78%
Apr- 00 42% 52% 0% 70% 82% 96% 75% 88% 78%
May- 00 42% 56% 0% 71% 82% 93% 76% 88% 78%
Jun- 00 43% 65% 0% 71% 83% 93% 77% 88% 79%
Jul- 00 45% 59% 0% 71% 83% 91% 77% 89% 79%
Aug- 00 46% 56% 0% 70% 82% 90% 76% 90% 79%
Sep- 00 56% 61% 0% 70% 82% 89% 76% 90% 80%
Oct- 00 55% 58% 0% 70% 82% 89% 75% 91% 80%
Nov- 00 56% 58% 0% 69% 82% 88% 74% 90% 80%
Dec- 00 51% 52% 0% 68% 82% 88% 74% 91% 79%
Jan- 01 49% 55% 0% 68% 82% 86% 73% 90% 79%
Feb- 01 47% 55% 0% 68% 82% 87% 74% 90% 80%
Mar- 01 42% 53% 0% 67% 82% 88% 74% 91% 79%
Apr- 01 44% 62% 0% 67% 82% 88% 75% 90% 80%
May- 01 47% 67% 0% 66% 82% 94% 75% 91% 81%
Jun- 01 45% 61% 0% 66% 82% 95% 74% 91% 80%
Jul- 01 41% 51% 0% 66% 82% 91% 74% 92% 79%
Aug- 01 41% 54% 0% 65% 82% 90% 74% 92% 79%
Sep- 01 46% 60% 0% 65% 82% 90% 72% 92% 80%
Oct- 01 38% 46% 0% 65% 83% 87% 72% 93% 78%
Nov- 01 36% 40% 0% 65% 82% 86% 73% 92% 77%
Dec- 01 28% 35% 0% 66% 82% 85% 72% 93% 76%
Jan- 02 30% 37% 0% 66% 82% 87% 72% 92% 77%
Feb- 02 30% 38% 0% 66% 82% 89% 73% 92% 76%
Mar- 02 35% 46% 0% 66% 82% 90% 73% 93% 77%
Apr- 02 39% 52% 0% 67% 84% 90% 74% 93% 77%
May- 02 38% 51% 0% 67% 84% 90% 76% 93% 77%
Jun- 02 37% 50% 0% 68% 84% 88% 77% 93% 77%
Jul- 02 39% 51% 82% 69% 84% 88% 77% 95% 77%
Aug- 02 41% 52% 84% 69% 84% 89% 78% 95% 77%
Sep- 02 47% 53% 84% 69% 84% 88% 78% 96% 78%
Oct- 02 50% 59% 81% 69% 84% 87% 77% 96% 78%
Nov- 02 43% 52% 80% 69% 84% 87% 75% 95% 77%
Dec- 02 44% 48% 65% 69% 84% 87% 74% 96% 77%
Jan- 03 49% 56% 72% 69% 84% 87% 75% 95% 78%
Feb- 03 62% 66% 83% 69% 84% 88% 76% 95% 78%
Mar- 03 65% 71% 95% 69% 84% 87% 77% 95% 79%
Apr- 03 52% 59% 92% 69% 83% 88% 78% 96% 79%
May- 03 44% 56% 90% 69% 84% 88% 78% 96% 79%
Jun- 03 45% 59% 88% 70% 84% 89% 77% 96% 79%
Jul- 03 47% 60% 80% 70% 83% 91% 77% 97% 79%
Aug- 03 49% 63% 83% 70% 83% 91% 76% 97% 79%
Sep- 03 46% 65% 81% 70% 83% 95% 77% 98% 79%
Oct- 03 51% 60% 78% 70% 83% 93% 77% 97% 79%
Nov- 03 48% 56% 73% 71% 83% 93% 77% 97% 79%
Dec- 03 49% 56% 72% 71% 83% 94% 77% 97% 79%
Jan- 04 55% 64% 80% 73% 83% 95% 77% 97% 81%
Feb- 04 52% 65% 69% 75% 83% 99% 77% 97% 81%
Mar- 04 55% 69% 74% 77% 83% 103% 78% 97% 82%
Apr- 04 60% 74% 72% 80% 84% 107% 79% 97% 84%
May- 04 61% 83% 80% 83% 85% 111% 80% 97% 85%
2 1
Dec- 2005 = 100
Date Diesel Gasoline Asphalt Steel Concrete Lumber Plastic Labor Overall
Jun- 04 58% 76% 86% 87% 85% 108% 80% 97% 85%
Jul- 04 62% 80% 88% 91% 85% 108% 81% 98% 86%
Aug- 04 68% 76% 88% 94% 87% 113% 81% 98% 87%
Sep- 04 71% 77% 91% 95% 89% 113% 81% 99% 88%
Oct- 04 84% 88% 94% 98% 89% 106% 82% 99% 90%
Nov- 04 80% 83% 86% 100% 89% 100% 82% 98% 90%
Dec- 04 68% 71% 85% 102% 89% 101% 82% 98% 88%
Jan- 05 71% 75% 75% 103% 92% 102% 83% 97% 89%
Feb- 05 75% 81% 81% 101% 93% 106% 84% 97% 90%
Mar- 05 87% 91% 87% 97% 93% 107% 85% 98% 93%
Apr- 05 88% 96% 88% 96% 95% 106% 85% 98% 94%
May- 05 86% 93% 95% 99% 95% 102% 85% 98% 94%
Jun- 05 94% 94% 93% 97% 95% 105% 85% 98% 94%
Jul- 05 96% 104% 98% 95% 99% 102% 85% 99% 97%
Aug- 05 101% 112% 103% 93% 99% 100% 85% 100% 98%
Sep- 05 107% 126% 105% 96% 99% 102% 86% 100% 102%
Oct- 05 133% 122% 111% 100% 99% 101% 92% 100% 104%
Nov- 05 104% 97% 108% 99% 100% 99% 99% 100% 100%
Dec- 05 100% 100% 100% 100% 100% 100% 100% 100% 100%
Jan- 06 99% 106% 105% 100% 106% 103% 102% 99% 102%
Feb- 06 99% 95% 104% 99% 106% 104% 101% 99% 101%
Mar- 06 104% 111% 118% 99% 108% 104% 101% 99% 103%
Apr- 06 93% 128% 126% 99% 109% 103% 101% 100% 107%
May- 06 96% 133% 141% 101% 109% 104% 101% 101% 109%
Jun- 06 100% 135% 160% 103% 109% 100% 101% 102% 110%
Jul- 06 96% 139% 171% 104% 109% 98% 101% 102% 111%
Aug- 06 102% 135% 182% 104% 110% 94% 102% 103% 112%