I went into Lowes to buys some 2x4's yesterday and I about hit the roof. The price was $5.98 for a 2x4. Not even a year ago it was half that.
I've been noticing the prices of many things increasing since the beginning of 2020, food, gas, everything you need daily. The 2x4's really shocked me though. They are your standard building material. For the price to double in less than a year is insane. The 100% price jump hasn't applied to other building materials like drywall, electrical supplies, paint, but some materials have gone up in price.
Gas is also on the rise. In Southern California it has gone up $0.50 a gallon since November. By Memorial Day weekend in May it will easily be over $4.00 a gallon. I'm not sure if it's the Biden Admin or the Federal Money Printer causing these increases, but I do know it's just getting started.
The challenge is working these price increases into your businesses. I've already run into customers who backed out of projects because they don't want to pay us based on the additional costs we have to add into projects. This will get worse too. I'm extremely worried about the future of the American economy and my businesses.
What price spikes have you noticed where you are? Any doubling in price?