Q3 2021, June Permit Authorizations Up 25% YoY, Lumber Costs Up 129% YoY
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:
- Authorizations for new housing permits continue to rise and increased 25% YoY in June.
- Costs for plywood and lumber continued to have over 100% YoY increases, while Romex wire and oak followed the trend.
- Labor costs continue to grow faster in the U.S. than in Canada, with many key construction labor costs growing by over 5% YoY.
- Confidence in commercial construction is improving, though still much lower than before pandemic.
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