You identified a few of the elements that contributed to higher construction costs, but missed the big one: oil prices. Gas prices were sub-$2 in Jan. 2021 but increased >100% to $4+ by 2022. This was the driver behind the asphalt price you identified. Transportation costs for every single material, person and piece of equipment reaching every job site increased accordingly.
You identified a few of the elements that contributed to higher construction costs, but missed the big one: oil prices. Gas prices were sub-$2 in Jan. 2021 but increased >100% to $4+ by 2022. This was the driver behind the asphalt price you identified. Transportation costs for every single material, person and piece of equipment reaching every job site increased accordingly.