Fall Regulatory Summit

Internal Use Only

Construction Cost w/o Energy

(Source: Bureau of Labor Statistics (PPI) & Associated Builders & Contractors)

-30% -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% 80%

M/M Y/Y Since 2/2020

Iron and Steel

Prepared Asphalt

Softwood Lumber

Concrete Products

Steel Mills Products

Inputs to Construction

Plumb Fixtures and Fit

Inputs to Nonres Const

Copper Wire and Cable

Fabric Struct Metal Prod

FALL REGULATORY SUMMIT Denver, CO – September 25, 2023

Internal Use Only

Topic #5:

Fed still tightening . . . But peak rates are close

FALL REGULATORY SUMMIT Denver, CO – September 25, 2023