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Construction materials prices are on their way up, albeit more slowly than initially anticipated.

According , construction materials prices rose modestly by 0.3 percent in July compared to a month previous and are 8.9 percent higher than they were one year ago. The statistics show that construction prices are rising, but not at the high rates that were expected a year ago.

鈥淲ith the global economy slowing, industrial commodity prices are no longer rising so quickly and changes in materials prices over the next several months are likely to be modest in either direction,鈥� said Anirban Basu, chief economist with the Associated Builders and Contractors. 鈥淕iven the emergence of greater volatility in the markets and growing fear of another recession, the appetite for risk is on the wane, which is likely to translate into project delays and in turn will reduce the demand for construction materials.

鈥淭hat should also help moderate materials price increases in the months ahead.鈥�

The sector with the largest increase in prices include asphalt, tar roofing and siding supplies, which rose 2.4 percent in July and 4.8 percent over the last year. Moreover, nonferrous wire and cable prices increased 2.3 percent for the month and are 16.6 percent higher than the same time last year.

Conversely, total crude energy prices fell 2.6 percent in July as crude petroleum prices dropped 5.2 percent.

Both concrete and softwood lumber product prices remained relatively unchanged over the last month and the last year, while price for iron and steel, as well as steel mill products, increased 0.5 percent throughout July.