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:

  • From Q2 2017 to Q3 2017, the average for U.S. building materials increased by 1.2%. For labor, the average wage rate increased 0.5%, based on construction trade contracts that were renewed during the quarter.
  • The average change for Canadian building materials was an increase of 1.7% over the quarter. Based on the construction trade contracts that were renewed during the quarter, the average labor wage rate increased 0.2%.

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:

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

From Q2 2017 to Q3 2017, the average for U.S. building materials increased by 1.2%. For labor, the average wage rate increased 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:

U.S. State by State Cost Changes

The table below provides a state by state snapshot of the changes in reconstruction costs for residential buildings in the second quarter.

Q2 2017 compared to Q3 2017

Canada RCT Express® Cost Changes

From Q2 2017 to Q3 2017, the average change for Canadian building materials was an increase of 1.7% over the quarter. For labor, the average wage rate increased 0.2%, 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 Province by Province Cost Changes

The table below provides a province by province snapshot of the changes in reconstruction costs for residential buildings in the second quarter.

Q2 2017 compared to Q3 2017

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 fourth 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.

Non-Cost Data Changes:

RCT 4.x

The fourth quarter 2017 update includes a new version release of both the calculation and RCT engines to accommodate the new formatting for roof cover and finished basement costs. The new formatting allows for the roof cover costs and costs associated with finished basements to be included in a separate report section. Note that the costs associated with roof covers and finished basements will still be included in the building system report as they always have.