The May 2026 KMI Cost Index reflects renewed cost escalation pressure heading into Q2, with overall Building Cost increasing +3.50% and Construction Cost increasing +2.40% month-over-month, while Material Cost remained comparatively moderate at +0.50%. Labor continues to be a key driver, with Common Labor up +1.30% and Skilled Labor up +2.10%, indicating continued wage pressure across trades. Steel-related inputs are also trending upward, led by Wide Flange Steel at +3.50%, Reinforcing Bars at +3.20%, and Structural Steel at +1.40%, which suggests added pressure on structural framing and reinforced concrete systems. Cement is the primary offset, decreasing -4.30%, while lumber increased modestly at +1.30%. Overall, the data supports continued contingency review, escalation monitoring, and careful evaluation of labor-heavy and steel-intensive scopes in near-term estimates.
Click on the link above to view the latest cost data for May 2026.