On October 7, 2021, Governor Newsom signed Senate Bill 331, that will become law on January 1, 2022.
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Earlier this year, the soaring cost of lumber and other construction materials made headlines throughout mainstream media as contractors and owners grappled with the consequences of market volatility. While the construction industry has seen a significant decrease in the cost of lumber in recent months, the August 2021 Producer Price Index published by the Bureau of Labor Statistics reported that the cost of materials and components for construction has increased 19% over the past 12 months. ¹In light of this market volatility, it is unsurprising that third-quarter data from the U.S. Chamber of Commerce Commercial Construction Index indicates that 98%… Read more
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