04/25/2022

Contractors Group Offers Resources to Help Members Manage Inflation

How one organization responded with data to help keep members in business

Inflation continues to rise steeply, reaching the highest rates since 1981, according to a Bureau of Labor Statistics report [PDF] released this month. Knowing this, the Associated General Contractors of America is keeping its members apprised of how inflation is affecting them—but it isn’t stating the obvious.

"One of our core functions as a trade association on our members’ behalf is not just to educate them on what they already know—which is that materials prices are going through the roof—but to give them resources they can use," said AGC's Vice President of Public Affairs and Strategic Initiatives Brian Turmail. "They didn't have to ask for it because it’s our job to know they need something like this."

In response to more than two years of extraordinary increases in materials costs, supply chain holdups, and a competitive labor market, AGC began posting frequent Construction Inflation Alert updates in March 2021 to help project owners, government officials, and the public understand how these conditions are affecting contractors. The updates also help AGC members explain to their clients about the rising costs of materials because an estimate for a project six months ago is probably not going to be relevant now.

Please select this link to read the complete article from Associations Now.