Quarterly Construction Insights
Q3 2020, September 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 September 2019. U.S. lumber costs this September were 4.1% 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 3%.
- Construction employment in September declined YOY by 3.7%. Overall U.S. unemployment has declined to 8.8% and the USG and Chamber of Commerce Construction Index has continued to remain low at 57, indicating a high level of uncertainty in the construction market.
Download the full report to learn more.