In the past 4 years, liquid binder, the key cost component in the production of asphalt, is up more than 60 percent. This is equal a total increase of $200 per liquid ton over that time. In addition, costs increases in labor, transportation, and raw materials are all playing a factor in the ever rising costs of asphalt paving and maintenance projects. It is widely anticipated that this trend will continue in the coming years as shortages and economic instability continue to affect the construction landscape.
Now more than ever, it is paramount to plan and budget for both maintenance and capital projects associated with asphalt pavement. If your property’s roadways and parking areas have not been upgraded and are showing signs of deterioration, now is the time to act. The industry is not expecting a decline in the cost increases mentioned above, especially the cost of materials, so delaying now will lead to a significantly more costly project in the future.
The material cost increases are unfortunately not limited to asphalt pavement. Industry professionals are experiencing higher wholesale prices for coal tar and asphalt emulsion sealers, additives, sand and gravel, and even traffic marking paints. Managers should keep in mind when budgeting that, even if your parking lot or roadways are in good condition and won’t need repaving soon, general maintenance cost increases mean executing preventative, proactive maintenance such as sealcoating now will drastically reduce costs of upgrade in the future.
Do not hesitate to request one of our certified pavement professionals to evaluate your property and devise an economic solution today.