Home supplies and labor cost projections for 2023

COLORADO SPRINGS, Colo. (KRDO) -- This weekend Jan. 6-8, the 27th annual Colorado Springs home building and remodeling show brought the area's top exhibitors and demonstrations to town to help consumers through the process of home improvement.

The supply chain has been an issue for the past couple of years, and has created long wait times as well as higher costs for some companies to receive supplies. But it is getting better.

"As the economy's slowed down over the last few months we've seen prices for lumber get back to 30-50% above what they were pre-pandemic," International Homes of Cedar President Rodney Robertson said. "We are seeing some structural increases in prices that I don't think will go down in the future for metal and transportation. But I think in 2023 as the economy' slowed down a bit we're gonna see prices be more reasonable than they've been in quite a while and hopefully we'll see that help increase demand as well."

For some companies, it's been more challenging than others getting supplies.

Labor costs have not risen much. But labor availability has been scarce for the last couple of years. But is projected to ease in the next 12 months.

"It's also going to be easier for people to find labor because it's been real challenging over the past 2 years to find contractors to do the work for people and I think that'll ease a little bit in 2023," Robertson said. "So my expectation is we're gonna see people coming in on the sidelines who've been waiting to do projects that haven't been able to find anybody to do the work."

It's recommended to talk to neighbors and get referrals from people who've had similar work done in the last year or two.