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Residential Product Bulletin

4th Quarter 2022

div_top-left_white
  • Overview
  • United States
  • Canada
  • What's New

Overview

RCT Express® Product Bulletin Highlights

CoreLogic® monitors a wide variety of construction materials for the residential building industry. A few of this quarter’s highlights are:
  • From Q2 2022 to Q3 2022, the average for U.S. building materials decreased -2.1%. For labor, the average wage rate increased 0.8%, based on construction trade contracts that were renewed during the quarter. 
  • The average change for Canadian building materials was an decrease of -1.1% over the quarter. Based on the construction trade contracts that were renewed during the quarter, the average labor wage rate increased 0.4%.
  United States Canada
  Quarter Year Quarter Year
Aluminum Conduit 2.8% 17.0% 3.0% 15.5%
Asphalt Shingles 4.2% 17.6% 7.7% 21.1%
Concrete Block 4.0% 19.7% 3.3% 15.5%
Drywall 5.0% 21.5% 5.2% 17.9%
Felt Paper 6.0% 30.9% 3.6% 23.0%
Galvanized Pipe 4.3% 25.6% 2.5% 11.9%
Lumber -14.4% 4.4% -13.6% 1.9%
Plywood -11.7% -9.8% -10.5% -3.3%
Ready Mix 2.9% 9.8% 3.1% 10.5%
Rebar 0.2% 4.0% 0.3% 4.8%
Steel Deck 0.9% 11.3% 1.9% 9.1%
Steel Stud 3.4% 54.1% 2.8% 44.4%
Structural Steel 1.4% 12.9% 2.2% 12.8%
1/2″ Copper Pipe 0.7% 31.7% 1.4% 27.6%

National Average

Residential Reconstruction Costs
3Q22 to 4Q22

 Quarterly Variance
United States-0.35%
Canada-0.51%

About CoreLogic Data Research

To ensure that our clients receive the most current building material and labor costs, the CoreLogic data team continuously researches hard costs such as labor, material and equipment, including mark-ups. Our research also covers soft costs such as taxes and fringes for reconstruction work performed for the insurance industry in the United States and Canada. 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.

Other factors in this process include the following:

  • Wage rates for more than 85 union and non-union trades
  • Over 100,000 construction data points
  • Productivity rates and crew sizes
  • Building code requirements and localized cost variables

In addition, we validate cost data by analyzing field inspection records, contractor estimates, phone surveys and partial and full loss claim information. For more information, or for further explanation, please contact your sales consultant or account manager.

NOTE: The cost information in this bulletin is only intended to give you a general sense of reconstruction cost trends in North America. You should NOT advocate using these factors when adjusting renewal values for specific locations or across your book of business. Please note that the building material and labor cost trends presented in this bulletin are broad averages derived from our research of construction trades and building materials.

UNITED STATES

U.S. RCT Express® Cost Changes

The tables below provide a snapshot of the changes in reconstruction costs for residential buildings in the third quarter.
 
From Q2 2022 to Q3 2022, the average for U.S. building materials decreased by -2.1%.  For labor, the average wage rate increased 0.6%, based on construction trade contracts that were renewed during the quarter.
 
CoreLogic monitors a wide variety of construction materials for the residential building industry. A snapshot of some of the most common material elements is listed below:
 
United States4Q201Q212Q213Q214Q211Q222Q223Q22
1/2″ Drywall0.2%0.1%1.8%2.2%5.0%5.1%4.9%5.0%
Asphalt Shingles0.4%0.6%0.9%3.5%3.0%3.7%5.6%4.2%
Romex Wire2.4%5.6%51.9%53.7%2.9%-0.1%1.7%-6.5%
1/2″ Plywood27.1%5.6%88.8%-8.3%-19.6%8.9%16.6%-11.7%
2×4 Lumber35.4%5.3%53.9%-16.1%-14.9%21.8%17.7%-14.4%
R-13 Fiber Batt Insulation1.7%1.7%7.5%0.6%-0.4%-0.4%4.9%1.6%
1/2″ Copper Pipe1.0%3.0%15.6%25.2%14.2%7.2%6.9%0.7%
Ready Mix1.8%0.6%1.7%2.7%1.5%2.1%3.0%2.9%
Felt Paper0.1%0.5%0.9%3.5%4.8%6.0%11.1%6.0%

 

United States Cost Variances by State

Residential Reconstruction Costs

3Q22 to 4Q22

State Quarterly Variance
Alabama -0.21%
Alaska -1.60%
Arizona -0.42%
Arkansas -0.31%
California -0.39%
Colorado 0.59%
Connecticut -0.38%
Delaware -0.10%
Florida -0.92%
Georgia -0.19%
Hawaii -0.79%
Idaho -0.20%
Illinois -0.10%
Indiana -0.39%
Iowa -0.33%
Kansas -0.67%
Kentucky -0.23%
Louisiana -0.29%
Maine 0.18%
Maryland -0.64%
Massachusetts -0.09%
Michigan -0.04%
Minnesota -0.27%
Mississippi -0.34%
Missouri -0.11%
Montana -0.58%
Nebraska -0.30%
Nevada -0.55%
New Hampshire 0.22%
New Jersey -0.62%
New Mexico 0.20%
New York -0.48%
North Carolina -0.51%
North Dakota -0.73%
Ohio 0.07%
Oklahoma -0.41%
Oregon -0.50%
Pennsylvania -0.38%
Rhode Island -0.30%
South Carolina -0.24%
South Dakota -0.47%
Tennessee -0.20%
Texas 0.08%
Utah 0.22%
Vermont -0.10%
Virginia -0.47%
Washington -0.87%
West Virginia -0.37%
Wisconsin -0.31%
Wyoming -0.54%

4Q 2022 United States

RCT Express® Cost Variances by State

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Canada

Canada RCT Express® Cost Changes

The tables below provide a snapshot of the changes in reconstruction costs for residential buildings in the third quarter.

From Q2 2022 to Q3 2022, the average change for Canadian building materials was a decrease of -1.1% over the quarter. For labor, the average wage rate increased 0.4% based on the construction trade contracts that were renewed during the quarter.

CoreLogic monitors a wide variety of construction materials for the residential building industry. A snapshot of some of the most common material elements is listed below:

 

Canada4Q201Q212Q213Q214Q211Q222Q223Q22
1/2″ Drywall0.4%0.2%0.3%2.2%2.7%4.2%4.7%5.2%
Asphalt Shingles0.1%0.3%0.5%4.5%1.8%4.4%5.9%7.7%
Romex Wire0.5%3.6%45.8%35.2%7.1%3.6%5.2%2.1%
1/2″ Plywood30.8%2.4%62.9%-4.0%-16.1%5.9%21.8%-10.5%
2×4 Lumber62.7%1.2%47.3%-16.9%-19.2%15.9%25.9%-13.6%
R-13 Fiber Batt Insulation1.9%1.6%4.5%4.0%1.9%1.7%5.4%3.5%
1/2″ Copper Pipe0.4%1.1%0.9%23.2%10.2%7.8%5.9%1.4%
Ready Mix3.0%1.7%2.5%1.6%1.6%2.2%3.1%3.1%
Felt Paper0.4%0.6%0.8%3.8%4.6%6.6%6.5%3.6%

Canada Cost Variances by Province

Residential Reconstruction Costs

3Q22 to 4Q22

ProvinceQuarterly Variance
Alberta-0.65%
British Columbia-0.57%
Manitoba-0.93%
New Brunswick0.04%
Newfoundland-0.87%
Northwest Territory-0.89%
Nova Scotia-0.76%
Ontario-0.16%
Prince Edward Is.-0.09%
Quebec-0.70%
Saskatchewan-1.17%
Yukon Territory-0.75%

4Q 2022 Canada
RCT Express® Cost Variations by Province

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What's New

Note: CoreLogic recommends a full program install whenever possible to ensure use of latest data and program enhancements.

Cost Data Changes: RCT Express 4.x

  • The fourth quarter 2022 cost data update reflects reconstruction cost changes in both labor and material. Standardized costs in this release reflect localized, updated costs representing the impact of emerging markets and economic trends on construction costs.

Non-Cost Data Changes:  RCT Express 4.x

  • There are no non-cost data changes for 4Q22.

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