BCICA Material Price Increases

Contractors should be aware that there is a trend happening with regard to material increases during 2021. There are a number of issues impacting construction materials, including insulation, that contractors should be aware of as new projects are tendered. Metal prices have gone up 15% so far in 2021 with more increases to come, steel has increased which impacts all fastening devices, chemicals used to produce foam insulations have gone up so much that polyisocyanurate increased their price by 10% on Jan 1, 2021, another 10% in April and have cautioned that there will be another increase in 2021.

On the fibreglass side, we have seen a 5% increase in January and now this 8% for May. Every industry is facing the same challenges: raw material costs are escalating at alarming rates, transportation rates (both domestic and overseas) have, in some cases more than doubled (that’s if you can get a carrier when you need one), covid outbreaks in manufacturing plants have impacted productivity, energy costs are climbing, etc.

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Source: British Columbia Insulation Contractors Association