Material costs are rising, increasing the desperation of contractors

Amid unprecedented challenges with the cost and availability of building materials, firms that entered into price-based contracts last year are feeling the heat. In contracts, Zoom searches, and casual conversations, that's all contractors talk about anymore. Everyone wants to know how everyone else is coping with a crisis that accelerated last spring and shows no sign of slowing down for at least another year, with material prices skyrocketing.

"It has become all-consuming since March of this year," said Brian Perlburg, Senior Consultant for Construction Law and Contracts, United States General Contractors.

"Contractors do the hardest work in America today, as every decision is fraught with risk and uncertainty," said Anirban Basu, chief economist at Associated Builders and Contractors, as he predicts material costs will continue to soar into next year.