Summary Q1 2024:
CoreLogic tracks construction costs for all types of goods (labor and materials) for commercial, residential, and agricultural construction throughout the U.S. and Canada. Details from this quarter’s research include the following findings:
- From November 2023 to February 2024, lumber costs decreased by less than 2%. During the same time frame, costs for carpet and clay bricks increased by over 3%.
- Overall residential reconstruction costs from November 2023 to February 2024 increased by an average of 2.8% in the U.S. and 1.4% in Canada.
- The South led the U.S. in 2023 for number of building permit approvals, primarily due to figures from Texas and Florida. Most permits were for single-unit housing.
Learn more about Q1 trends in the full report.
