Verisk Industry Trends for August 2021

All reported percent changes are based on the averages that have been reported either since the July 2021 price list publication or from August 2020 to August 2021. 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 transaction.

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

Lumber Increases

Over the last month lumber prices have started to show a downward trend, but since August 2020, lumber prices have still shown an increase of 109.58 percent in the United States and 111.49 percent in Canada. Sheathing materials have followed a similar trend over the last month but have increased 173.25 percent in the United States and 156.40 percent in Canada since August 2020. As supply and demand for common lumber materials continues to change, Xactware will monitor these changes and make warranted adjustments from focused surveys with suppliers for each monthly price list publication.

Personal Protective Equipment

Due to the 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 39.08 percent in the United States and 45.86 percent in Canada. Xactware 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 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 July 2021 publication, gasoline prices increased 1.46 percent in the United States and increased 1.08 percent in Canada. When compared to August 2020, gasoline prices have increased 44.18 percent in the United States and 31.03 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.

U.S.

Canada

Changes to the August price list

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

• ELS (Electrical - Special Systems) - Item added for detaching and resetting a wireless nurse call station.
• PNT (Painting) - Items added to paint and seal & paint the exterior panel of a disappearing/folding stairway. 
• WTR (Water Extraction & Remediation) - Items added for tearing out subfloor (with no sleepers) and for add-on charges when tearing out wet drywall on high walls.

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 Verisk 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

Verisk’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 Verisk product.