Because the average price of lumber fluctuates constantly, it is difficult to determine a standard price difference between wood and steel. Which material costs less will vary based on the state of the lumber market.
Construction costs are a little easier to determine. Because the various components of a metal building are prefabricated in a factory before being shipped to the construction site, they take significantly less time and money to put together. This also eliminates the added cost of weather delays.
Several other factors must be considered as well. First, wood buildings require an architect to design them. Second, wood buildings are much more susceptible to fire damage than metal buildings. Steel also has a much longer life span than wood.