OREM, Utah, February 3, 2012 — A newly released report from Xactware shows that widespread storm activity and rising fuel costs had a noticeable effect on reconstruction costs throughout the United States in 2011.
Available now, Xactware’s 2011 Property Report for the United States reveals that spring tornados and floods affected the cost of building materials and labor in many U.S. regions. Hurricane Irene, Tropical Storm Lee, and the Texas wildfires also played a role in influencing reconstruction costs in other parts of the country. By the end of the year, the national average for reconstruction costs grew 1.52 percent.
“The demand for labor following these catastrophes played a role in driving up building costs,” said Mike Fulton, Xactware’s AVP of Pricing Data Services. “During the winter and spring, many contractors coped with the downturn in the construction industry by absorbing some of the rising fuel costs to remain competitive, but upward pressure brought on by storm damage led to rising costs in many markets across the country.”
The 2011 Property Report for the United States was compiled by Xactware, a leading provider of claims estimating technology and pricing data services for the property insurance and restoration industries. The report provides an overview of major trends in claims and construction activity throughout the year.
Xactware’s in-house team of pricing experts, which has more than 500 years of combined construction and restoration experience, researched and analyzed data contained in the 2011 report. During 2011, the pricing team conducted more than 128,000 material and equipment surveys and 82,000 labor and installation surveys. The team also analyzed more than 4.6 million repair and rebuild estimates to tabulate the information.
In addition to details about reconstruction trends, the report includes these key findings:
Visit the Xactware Online Store to order a copy of the 2011 Property Report for the United States.
Xactware Solutions (Xactware) is a Verisk Analytics company that specializes in the property insurance, remodeling, and restoration industries. Xactware’s technology tools include software estimating programs for PCs and tablet PCs, as well as powerful online systems for replacement-cost calculations, estimate tracking, and data trending in real time. For more information about Xactware’s products and services, contact Xactware at 1-800-424-9228 or www.xactware.com.