'Hurricane Ian will forever change the real estate industry and city infrastructure,' a property information group's associate vice president says.
Holly Nugyn walks out of her flooded neighborhood after Hurricane Ian passed through the area on Sept. 29, in Fort Myers, Fla.If there's any consolation for survivors of Hurricane Ian, it's that the rising cost of building materials has started to slow — and in some cases even reversed.
containers available and reducing the cost of freight. Data from Drewry’s index, a global shipping tracking firm, show costs fell for 31 consecutive weeks, and have declined by 61% over the past 12 months. In addition to lumber, prices for other key homebuilding commodities like PVC and copper are also reversing, according to market data.But they are still elevated. The Bureau of Labor Statistics reported this month that prices for building materials had climbed 4.9% through the year-to-date, and were up 14.3% over the past year.The sheer scale of the rebuilding to be done could also cause demand and prices to increase from here.
. Stephanie Ink-Edwards, CEO of Community Cooperative, an organization that fights hunger and homelessness in Lee County, said among the losses Ian victims are encountering is an absence of perishable foodShe said food costs were already triple what they were last year in certain instances, even before the storm hit.
This week, Costco executives warned that they were seeing higher wages among suppliers — costs that will ultimately be passed on to consumers, in some cases.
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