How high prices could impact rebuilding cost after Hurricane Ian

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

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.

Thanks to a global economic slowdown, what seemed like a relentless increase in prices for materials over the past year or two had started to fade by the time Ian struck southwest Florida on Wednesday as a Category 4 storm.

The price of lumber, which surged during the Covid-19 pandemic and peaked in January, has returned to pre-pandemic levels, data from CME Group, a global markets company, show. It’s due in part to a sharp slowdown in construction as higher mortgage rates and higher home prices have taken hold.

Meanwhile, global shipping bottlenecks have eased, making more shipping 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.

"You're not going to have to spend so much on flooring or kitchen supplies — right now [prices] are going down as we speak," said Michelangelo Cocchiola, co-owner of Imeca Lumber & Hardware in Florida. "If the hurricane had hit two months or three months earlier, it would have been so much worse than now."

https://www.nbcnews.com/business/consumer/hurricane-ian-higher-prices-for-rebuilding-costs-construction-rcna50011


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