The supply chain disruption and labor shortages are continuing to have a financial impact on our industry. Read on to see how these inflationary conditions could impact your remodel project.
➡️ Material prices are steadily increasing. With decreased manufacturing and shipping, as well as decreased supply, many materials are at a premium. In most areas, material prices have been increasing at an average of 5%-10% incrementally, approximately every 90 days.
➡️ Supply chain disruptions are causing delays. Supply chains have been very unpredictable throughout the pandemic. We have seen six month delays on critical materials, specifically for finishes such as cabinets, appliances, and tile but other materials are starting to see an impact too.
➡️ Labor shortages have affected industry capacity. Many national construction associations have expressed an all-time labor shortage, extending to all companies in the industry. With our refined small team, meeting the demand has been challenging but we are unwilling to compromise our quality of service due to such delays.
➡️ Our expectations for the foreseeable future. Moving forward, there is hope on the horizon. Stabilization or a correction in the market is said to be coming and we are hopeful as to what that might mean. Although costs will be higher than when this steep incline began and it will take a couple years to catch up with market demand; the future looks bright.
➡️ What does this mean for you? It should be expected that a new normal will be established in construction over the next few years and that will mean increased costs, delays, and other variables. It is more important than ever to trust your contractor, we encourage you to do your research regarding who you choose to work with. We pride ourselves on our reputation and hope to continue to represent our standards to our community.
Still have questions? You can email our office at firstname.lastname@example.org for further clarity.