CoreLogic®monitors a wide variety of construction materials for the residential building industry. A few of this quarter’s highlights are:
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 States | Canada | |||
Quarter | Year | Quarter | Year | |
Aluminum Conduit | 2.9% | 13.8% | 0.0% | -1.4% |
Asphalt Shingles | 0.3% | -0.5% | 0.9% | 1.1% |
Concrete Block | 1.2% | 3.3% | 1.5% | 4.3% |
Drywall | 2.5% | 4.5% | 3.8% | 9.2% |
Felt Paper | 0.3% | -0.7% | 0.4% | 3.4% |
Galvanized Pipe | 1.5% | 1.9% | -0.7% | -4.3% |
Lumber | 5.3% | 18.2% | 3.2% | 17.9% |
Plywood | 7.0% | 26.1% | 5.4% | 25.4% |
Ready Mix | -0.8% | 2.8% | -3.5% | 0.9% |
Rebar | 8.5% | 7.1% | 4.4% | 4.7% |
Steel Deck | 4.2% | 4.8% | 0.5% | 1.0% |
Steel Stud | 4.7% | 8.1% | 2.6% | 3.9% |
Structural Steel | 10.4% | 8.7% | 6.1% | 5.6% |
1/2″ Copper Pipe | -0.1% | -3.6% | -0.9% | -3.1% |
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:
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.
The tables below provide a snapshot of the changes in reconstruction costs for residential buildings in the 1st quarter.
From Q1 2018 to Q2 2018, the average for U.S. building materials increased by 2.6%. For labor, the average wage rate increased 0.4%, 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 States | 3Q16 | 4Q16 | 1Q17 | 2Q17 | 3Q17 | 4Q17 | 1Q18 | 2Q18 |
Asphalt Shingles | -0.3% | 0.1% | 0.1% | -0.2% | -0.4% | -0.1% | -0.2% | 0.3% |
Romex Wire | -1.7% | -1.3% | 6.2% | 5.8% | 1.9% | 6.9% | 6.6% | 2.9% |
1/2″ Drywall | 0.4% | 0.0% | 1.5% | 1.3% | 0.2% | 0.2% | 1.5% | 2.5% |
Felt Paper | -0.7% | -0.1% | 0.5% | 0.0% | -0.3% | -0.3% | -0.3% | 0.3% |
R-13 Fiber Batt Insulation | 0.0% | -0.4% | 0.5% | 0.2% | -0.1% | 0.3% | 0.2% | -1.1% |
2×4 Lumber | 3.3% | 3.5% | 2.0% | 5.5% | 6.3% | 3.9% | 1.6% | 5.3% |
1/2″ Plywood | 0.1% | 0.0% | -0.1% | 3.2% | 1.3% | 12.5% | 3.4% | 7.0% |
Ready Mix | 0.1% | 0.1% | 3.4% | -0.2% | -0.4% | 1.2% | 2.8% | -0.8% |
1/2″ Copper Pipe | -0.3% | 0.7% | 4.4% | 4.0% | -0.8% | -3.2% | 0.6% | -0.1% |
State | Quarterly Variance |
Alabama | 1.90% |
Alaska | 0.94% |
Arizona | 1.44% |
Arkansas | 1.90% |
California | 1.11% |
Colorado | 1.30% |
Connecticut | 1.27% |
Delaware | 1.12% |
Florida | 1.70% |
Georgia | 1.57% |
Hawaii | 1.50% |
Idaho | 1.61% |
Illinois | 1.47% |
Indiana | 1.61% |
Iowa | 1.63% |
Kansas | 1.59% |
Kentucky | 1.75% |
Louisiana | 1.71% |
Maine | 0.99% |
Maryland | 1.08% |
Massachusetts | 1.46% |
Michigan | 1.41% |
Minnesota | 1.57% |
Mississippi | 1.91% |
Missouri | 1.32% |
Montana | 1.56% |
Nebraska | 1.77% |
Nevada | 1.23% |
New Hampshire | 1.17% |
New Jersey | 1.15% |
New Mexico | 1.44% |
New York | 1.48% |
North Carolina | 1.90% |
North Dakota | 1.48% |
Ohio | 1.38% |
Oklahoma | 1.62% |
Oregon | 1.56% |
Pennsylvania | 1.27% |
Rhode Island | 1.62% |
South Carolina | 1.85% |
South Dakota | 1.67% |
Tennessee | 1.95% |
Texas | 2.02% |
Utah | 1.61% |
Vermont | 1.20% |
Virginia | 1.57% |
Washington | 1.53% |
West Virginia | 1.51% |
Wisconsin | 1.63% |
Wyoming | 1.39% |
The tables below provide a snapshot of the changes in reconstruction costs for residential buildings in the 1st quarter.
From Q1 2018 to Q2 2018, the average change for Canadian building materials was an increase of 1.3% over the quarter. For labor, the average wage rate increased 1.0% 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:
Canada | 3Q16 | 4Q16 | 1Q17 | 2Q17 | 3Q17 | 4Q17 | 1Q18 | 2Q18 |
Asphalt Shingles | 0.1% | -1.1% | 0.8% | -0.5% | -0.7% | 0.4% | 0.5% | 0.9% |
Romex Wire | -1.5% | -1.3% | 2.8% | 1.0% | -0.4% | 3.6% | 2.5% | 2.8% |
1/2″ Drywall | -0.6% | 1.5% | 3.2% | 1.4% | 1.7% | 1.8% | 1.5% | 3.8% |
Felt Paper | 0.3% | -0.2% | 0.6% | -0.4% | -0.4% | 2.9% | 0.4% | 0.4% |
R-13 Fiber Batt Insulation | 0.2% | -0.4% | 0.8% | 0.4% | 1.7% | 1.4% | 1.4% | 1.9% |
2×4 Lumber | 1.5% | 3.0% | 2.4% | 5.7% | 7.9% | 4.3% | 1.5% | 3.2% |
1/2″ Plywood | 0.1% | 2.7% | 0.9% | 0.9% | 10.0% | 10.3% | -2.0% | 5.4% |
Ready Mix | -2.3% | 0.5% | 3.6% | -2.7% | -1.4% | 2.1% | 3.9% | -3.5% |
1/2″ Copper Pipe | -1.8% | -1.0% | 2.1% | 0.9% | -1.9% | -0.4% | 0.1% | -0.9% |
Province | Quarterly Variance |
Alberta | 1.26% |
British Columbia | 0.92% |
Manitoba | 1.36% |
New Brunswick | 0.49% |
Newfoundland | 0.88% |
Northwest Territory | 1.03% |
Nova Scotia | 1.07% |
Ontario | 1.38% |
Prince Edward Is. | -1.06% |
Quebec | 1.41% |
Saskatchewan | 0.74% |
Yukon Territory | 0.71% |
Note: CoreLogic recommends a full program install whenever possible to ensure use of latest data and program enhancements.
Based on client inquiry and review with the business team, updates have been made to the following RCT Main Street and MMH material names to provide clarity to the end user.
The following RCT High Value materials have had the “Included in Cost” section of the material definition updated to provide better clarity as to what costs are included in the material.
Based on client inquiry and additional research, the RCT High Value knowledge tables have been updated to better represent the most common foundation type in zip codes 46143, 46237, 46368, and 47630. The foundation type has been updated from “Basement, Below Grade” to “Slab at Grade”