Commercial Product Bulletin

1st Quarter 2021

Overview

Commercial Bulletin Highlights

CoreLogic® monitors a wide variety of construction materials for the commercial and agricultural building industry. A few of this quarter’s highlights are:
  • In Q4 2020, the average for U.S. building materials increased by 6.8%. For labor, the average wage rate increased by 1.4%, based on construction trade contracts that were renewed during the quarter.
  • The average change for Canadian building materials increased by 6.9% over the quarter, for labor, the average wage rate increased by 0.5%, based on construction trade contracts that were renewed during the quarter.
CoreLogic® monitors a wide variety of construction materials. A snapshot of some of the most common material elements is listed below::
  United States Canada
  Quarter Year Quarter Year
Aluminum Conduit 2.0% 2.7% 0.6% 2.6%
Asphalt Shingles 0.8% 2.2% 0.4% 2.5%
Concrete Block 0.7% 2.9% 1.1% 2.3%
Drywall 0.7% 0.1% 0.4% 1.1%
Felt Paper 0.4% 1.0% 0.5% 4.0%
Galvanized Pipe 0.3% 1.9% 1.7% 6.4%
Lumber 31.5% 39.8% 48.4% 52.0%
Plywood 24.5% 25.5% 20.7% 17.3%
Ready Mix 1.7% 3.6% 2.5% 6.4%
Rebar 0.1% 1.3% -0.5% -2.0%
Steel Deck 0.8% 1.9% 1.4% 5.0%
Steel Stud 0.8% 2.3% 0.8% 3.6%
Structural Steel 0.3% -1.0% 0.2% 1.7%
1/2″ Copper Pipe 0.3% -0.7% 0.5% 4.2%

National Average

Building Construction Index Q4 2020

National Average Commercial Agricultural
United States 3.2% 3.3%
Canada 2.9% 2.8%
We monitor demographics and econometric statistics, government indicators, and localization requirements, including market trends from nearly 3,000 unique economies in the United States, and over 100 in Canada.

United States

U.S. Regional Weighted Commercial Cost Changes

In Q4 2020, the average for U.S. building materials increased by 6.8%, For labor, the average wage rate increased by 1.4%, based on construction trade contracts that were renewed during the quarter. CoreLogic monitors a wide variety of construction materials for the commercial and agricultural building industry. A snapshot of some of the most common material elements is listed below:
US Quarterly Material Cost Changes
4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20
Aluminum Conduit 1.0 1.7 1.4 0.1 0.6 0.6 1.0 -1.0 2.0
Concrete Block 0.2 0.8 1.1 0.4 0.8 1.0 0.7 0.6 0.7
Drywall 1.2 -0.3 -0.1 0.3 0.7 -0.5 -0.1 0.0 0.7
Galvanized Pipe 1.9 1.9 1.1 0.8 0.5 0.5 0.5 0.6 0.3
Ready Mix 0.1 0.3 1.6 1.5 0.9 0.7 1.0 0.2 1.7
Rebar 1.4 0.6 -0.4 0.5 -0.1 0.8 -0.1 0.4 0.1
Steel Deck 1.7 1.0 0.5 -0.3 0.0 0.4 0.6 0.1 0.8
Steel Stud 2.4 1.0 -0.6 0.1 1.5 0.2 0.6 0.6 0.8
Structural Steel 1.1 -0.1 -0.5 -1.3 -0.8 -0.3 -0.8 -0.1 0.3
½” Cooper Pipe -1.1 -1.0 0.1 -0.3 -1.4 -0.4 -0.4 -0.3 0.3

U.S. State by State

Building Construction Index Q4 2020

The table below provides a state by state snapshot of the changes in reconstruction costs for commercial and agricultural buildings.
State Commercial Agricultural
Alabama 2.84% 2.71%
Arizona 4.56% 5.18%
Arkansas 4.64% 5.28%
California 3.28% 3.34%
Colorado 2.87% 2.82%
Connecticut 3.57% 3.45%
Delaware 3.82% 3.30%
District Of Columbia 5.88% 4.80%
Florida 2.43% 2.19%
Georgia 4.27% 4.03%
Idaho 3.01% 3.33%
Illinois 3.19% 3.09%
Indiana 2.92% 3.00%
Iowa 4.05% 3.84%
Kansas 2.80% 3.33%
Kentucky 2.89% 3.01%
Louisiana 3.88% 4.53%
Maine 3.02% 2.96%
Maryland 3.16% 2.93%
Massachusetts 2.83% 2.89%
Michigan 3.52% 3.32%
Minnesota 4.23% 4.49%
Mississippi 3.76% 4.10%
Missouri 2.66% 2.66%
Montana 2.59% 3.06%
Nebraska 3.55% 3.91%
Nevada 2.04% 1.92%
New Hampshire 2.77% 2.90%
New Jersey 1.72% 2.00%
New Mexico 1.92% 2.22%
New York 3.32% 3.14%
North Carolina 2.33% 2.20%
North Dakota 2.23% 2.09%
Ohio 3.16% 3.06%
Oklahoma 3.66% 4.20%
Oregon 3.37% 3.80%
Pennsylvania 3.74% 3.30%
Rhode Island 0.63% 1.10%
South Carolina 2.52% 2.48%
South Dakota 3.94% 2.95%
Tennessee 4.82% 4.72%
Texas 2.65% 2.67%
Utah 4.42% 6.00%
Vermont 3.09% 3.20%
Virginia 2.46% 2.37%
Washington 2.58% 2.52%
West Virginia 3.26% 3.44%
Wisconsin 4.32% 3.91%
Wyoming 5.36% 5.34%
Alaska 1.86% 1.93%
Hawaii 0.85% 0.80%
Q1 2021 Commercial Product Bulletin Agriculture US

Canada

Canada Regional Weighted Commercial Cost Changes

The average change for Canadian building materials increased by 6.9% over the quarter, for labor, the average wage rate increased by 0.5%, based on construction trade contracts that were renewed during the quarter.

Canada Quarterly Material Cost Changes
4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20
Aluminum Conduit -0.5 1.6 1.8 1.9 1.5 0.8 1.1 0.1 0.6
Concrete Block 0.7 0.3 2.1 1.1 0.7 0.7 0.4 0.1 1.1
Drywall 1.1 2.1 2.0 1.2 0.8 0.3 0.1 0.2 0.4
Galvanized Pipe -0.3 0.5 1.9 1.2 1.9 1.6 1.6 1.3 1.7
Ready Mix -0.1 0.7 2.4 0.8 1.1 0.0 2.2 1.5 2.5
Rebar 1.2 0.1 -0.7 -1.6 -1.6 -0.6 -1.1 0.2 -0.5
Steel Deck 0.3 0.1 1.1 0.9 0.8 1.7 0.8 1.1 1.4
Steel Stud 2.0 2.4 2.0 1.1 0.7 0.9 0.9 1.0 0.8
Structural Steel 0.9 0.8 -0.6 0.8 0.3 0.5 0.6 0.3 0.2
½” Cooper Pipe 0.0 1.8 2.2 0.4 1.0 1.8 1.5 0.4 0.5

Canada Province by Province

Building Construction Index Q4 2020

The table below provide a province by province snapshot of the changes in reconstruction costs for commercial and agricultural buildings.

Province Commercial Agriculture
Alberta 2.60% 2.33%
British Columbia 3.12% 3.01%
Manitoba 1.74% 1.56%
New Brunswick 0.40% 0.21%
Nova Scotia 5.91% 6.25%
Ontario 2.38% 2.27%
Quebec 2.94% 2.71%
Saskatchewan 3.45% 3.62%
Newfoundland & Labrador 4.90% 4.69%
Prince Edward Island 0.65% 0.98%