CoreLogic® monitors a wide variety of construction materials for the commercial and agricultural building industry. A few of this quarter’s highlights are:
In Q2 2018, the average for U.S. building materials increased by 2.5%. For labor, the average wage rate increased by 0.4%, based on construction trade contracts that were renewed during the quarter.
The average change for Canadian building materials increased by 0.9% 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 for the residential building industry. A snapshot of some of the most common material elements is listed below:
|1/2″ Copper Pipe||0.7%||-2.3%||-0.4%||-2.6%|
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.
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 cost 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.
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.
|US Quarterly Material Cost Changes||3Q16||4Q16||1Q17||2Q17||3Q17||4Q17||1Q18||2Q18|
|½” Cooper Pipe||-0.1||-0.1||3.0||4.8||0.7||-2.8||-0.8||0.7|
|District of Columbia||0.67%||0.30%|
|Canada Quarterly Material Cost Changes||3Q16||4Q16||1Q17||2Q17||3Q17||4Q17||1Q18||2Q18|
|½” Cooper Pipe||-2.3||-1.3||0.6||1.9||-0.7||-1.4||-0.1||-0.4|
|Newfoundland and Labrador||1.08%||0.59%|
|Prince Edward Island||0.71%||1.91%|
1353 – Row House, without Interior Finishes
This occupancy should be used when states or insurance policies do not require an association to be responsible for many of the interior components that are included in Occupancy 1350 – Row House. For the electrical, all the wiring run within the walls is included, but fixtures are not. The same is true for plumbing. Hot and cold water pipes run within the walls along with sewer and ventilation stacks are included. However, no water heaters, sinks, showers or toilets are included. All interior partition walls are framed, dry walled, primed, but lack any wall finish found within the program. The same is true for the floor and ceiling finishes. This occupancy does include heating but does not include cooling. This occupancy does not include any bathroom cabinets, kitchen cabinets or appliances.