RCT Express® Product Bulletin Highlights

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:

US and Canada

About CoreLogic Data Research

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.

  • Other factors in this process include the following:
  • Wage rates for more than 85 union and non-union trades
  • Over 100,000 line items of construction data
  • Productivity rates and crew sizes
  • Local cost concerns, such as building code requirements and other localized variables

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.

U.S. Regional RCT Express® Cost Changes

The map and table at right provide a snapshot of the changes in reconstruction costs for residential buildings in the second quarter, broken into six U.S. geographic regions.

From Q3 2016 to Q4 2016, the average for U.S. building materials increased by 0.8%. 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:

U.S. Regional Quarterly Cost Changes:

Q3 2016 compared to Q4 2016

Canada Regional RCT Express® Cost Changes

The map and table at right provide a snapshot of the changes in reconstruction costs for residential buildings in the fourth quarter, broken into four Canadian geographic regions.

From Q3 2016 to Q4 2016, the average change for Canadian building materials was an increase of 0.6% over the quarter. For labor, the average wage rate increased 0.5%, 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 Regional Quarterly Cost Changes:

Q3 2016 compared to Q42016

NOTE: Remember, CoreLogic recommends a full program install whenever possible to ensure full use of the latest date and program enhancements.

Cost Data Changes:

RCT Main Street, High Value, 4.x and Mobile Manufactured Housing

The first quarter 2017 cost data update reflects reconstruction cost changes in both labor and material. Standardized costs in this release reflect localized, updated costs representing the impact of emerging markets and economic trends on construction costs.

RCT Mobile Manufactured Housing – 2017 Historical Depreciation Tables

Each year as part of the first quarter update, the Mobile Manufactured Home Historical Depreciation table is updated to reflect changes to the year built range (Now 1950 to 2018). Note that for 4.x users, this update also includes an update to the Mobile Manufactured Home Historical Depreciation definition.

New Jersey Sales Tax Change

As of January 1st, 2017 the state of New Jersey has decreased its state sales tax rate from 7% to 6.875%.

Non Cost Data Changes:

None