Quarterly Construction Insights

Q4 2020, December Permit Authorizations Rising, Lumber Costs Increase, and Job Numbers Decline

CoreLogic tracks construction cost for commercial, residential and agricultural construction of all types of goods (labor and materials) throughout the United States and Canada. Detail of this quarter’s research include:

Material costs in the U.S. and Canada are higher than in December 2019. U.S. lumber costs this December were 34% higher than last year.
Labor costs continue to grow faster in the U.S. than in Canada, with many key construction occupations experiencing earnings growth over 4%. Roofer costs have increased the most in the U.S. up 5.6% from last December.
Construction employment in December declined YOY by 1.9%. Overall U.S. unemployment has declined to 6.8% and the USG and Chamber of Commerce Construction Index has continued to remained low at 60, indicating uncertainty in the construction market.

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