Verisk Industry Trends for October 2020

All reported percent changes are based on the averages that have been reported either since the September 2020 price list publication or from October 2019 to October 2020. The information reported here is based on a national average, and it is important to note that actual changes will vary within each pricing market. It is also important to remember that Xactware’s published pricing information is based on recently completed surveys and estimate transactions.

For more information about these trends over a longer period of time, read the Quarterly Pricing Trends or the Annual Property Report.

Lumber Increases

Since October 2019, lumber prices have dramatically increased by 59.69 percent in the United States and 38.34 percent in Canada. During that time, several factors have contributed to a shortage in supply of common lumber materials, including Covid-19 and its associated restrictions, as well as an increase in building activity (including DIY builders) which didn’t slow down much since the beginning of the current pandemic.  With this shortage of supply, prices for certain common lumber materials have rapidly increased. For example, sheathing material prices have aggressively increased 77.19 percent in the United States and 40.57 percent in Canada from July to October of this year. For articles with additional information on lumber cost increases click here, here, and here.

Storms

Our pricing team continually monitors areas where catastrophes and storms have occurred to help determine how local pricing may be affected and make any necessary/warranted changes from our research. As a result of the recent derecho in the Midwest, the retail labor rate in Iowa has increased 2 percent as a state and 8 percent in the city of Cedar Rapids, IA since the August 2020 publication. Hurricane Laura tells a similar story for the state of Louisiana as the retail labor rate has increased 5 percent as a state and 11 percent in the city of Lake Charles, LA since the August 2020 publication. We will continue to monitor the effects of these and future catastrophes as they arise.

Personal Protective Equipment

Due to the current impacts of COVID-19, Xactware is closely monitoring the cost of personal protective equipment (PPE). Since March 2020, the average national cost of PPE items increased 51 percent in the United States and 46 percent in Canada. We will continue to monitor this situation and report changes as they arise. 

Local market conditions

Xactware makes every effort to ensure pricing information contained in this update represents market costs at the time of publication. Since actual market prices can vary and change rapidly, and since many factors can affect the cost of a project (including—but not limited to—labor, equipment, and material costs as well as the rates and application of sales tax), we strongly recommend customers monitor their local markets for any such changes and adjust their estimate pricing as deemed appropriate.

Gasoline prices in the U.S. and Canada

Since the September 2020 publication, gasoline prices decreased 2.39 percent in the United States and 3.56 percent in Canada. When compared to October 2019, gasoline prices have dropped 17.9 percent in the United States and 13.31 percent in Canada.

Because gasoline prices can change rapidly, Xactware recommends users monitor their local costs to determine whether repair or construction costs are affected. For further details, see the U.S. Department of Energy website.

* Canada prices are per liter

XactContents pricing update

Since the last price list update, the XactContents pricing team continued to improve the master item list in both the United States and Canada. They added general quote items for iPads. They also added International Tool and Musician’s Friend as new vendors.

U.S.

Canada

Changes to the October price list

We added new items to the October price lists under the following categories:

• CGN (Cont: Clean - General Items) - Items added for cleaning plant stands.
• ELS (Electrical - Special Systems) - Items added for a wall receptacle and room controller.
• RFG (Roofing) - Items added for pipe jack flashing for rubber and PVC/TPO roofing.

Customers can view price list modifications on the eService Center. XactAnalysis customers can see this same report by selecting the Price List Changes report in the Industry Trend Reports.

Pricing feedback

Pricing feedback is one of the ways Xactware ensures that the reported cost information reflects actual market prices. Users writing estimates outside program work can return feedback by regularly running the feedback utility within Xactimate, XactRemodel, or XactPRM. Visit our web page for more information about submitting pricing feedback or check out our Xpert Tip on how to submit feedback in Xactimate.

More information

Xactware’s pricing database is the foundation for many of our products. You can download a price list in Xactimate and XactRemodel, or assign a price list in XactPRM.

For more information about managing price lists, click Help in any Xactware product.

For information on how to track pricing trends over time, watch our Xpert Tip.