As such, it’s vital that contractors have access to the correct product prices AND that wholesalers and suppliers are providing this correct product pricing information to their customers.
What’s more, with every price change comes the possibility that an item price will be incorrect, potentially causing contractors to under or over bid on a construction project and putting profitability targets at risk. Navigating this unstable landscape can be challenging for MEP contractors, due to the rising prices, deleted product lines and ever-changing product ranges. In fact, from the data trends we’re seeing, the impact is already visible, with Trimble Luckins UK pricing service having processed 2.5 times more price changes in its item database than by this time last year. A new survey from the Construction Products Association (CPA) predicted that inflation in raw materials will continue to push up prices throughout the supply chain for the rest of 2021. Unfortunately, this isn’t a problem that’s going to go away any time soon.
Average price increases are currently running at 11.49% within the MEP sector, a figure that correlates with those recently released by the Department for Business, Energy and Industrial Strategy for the wider construction sector. It’s a well-known fact within the construction industry that building materials pricing and availability can be unpredictable, with ongoing international trade negotiations, shortage of raw materials and increased demand all leading to sharply rising prices. In this article, Trimble MEP explores the challenges that such instability can present and how a reliable pricing data service could help. In the world of construction, material prices can be – and currently are – unpredictable, presenting contractors and wholesalers with a potential headache.
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