Verisk Industry Trends for April 2022

Pricing research for the April 2022 publication shows that average costs for labor and materials used in claims and remodeling increased in key pricing components. Since April 2021, the Common Lumber Material Report showed the largest increase of 27.87 percent in Canada and 28.65 percent in the United States. Since our March 2022 publication, the Common Lumber Material report showed the largest increase of 5.79 percent in Canada and 11.12 percent in the United States.

All reported percent changes are based on the averages that have been reported either since the March 2022 price list publication or from April 2021 to April 2022. 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 Verisk’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.

Since April 2021, lumber prices have shown an increase of 28.65 percent in the United States and 27.87 percent in Canada, and over the last month lumber prices have continued to show an upward trend. Sheathing materials have followed a similar trend, showing an increase of 31.77 percent in the United States and 25.37 percent in Canada since April 2021. As supply and demand for common lumber materials continues to change, Verisk will monitor these changes and make warranted adjustments from focused surveys with suppliers for each monthly price list publication.

Local market conditions

Verisk 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 March 2022 publication, gasoline prices increased 17.27 percent in the United States and 11.38 percent in Canada. When compared to April 2021, gasoline prices have increased 48.40 percent in the United States and 42.90 percent in Canada.

Because gasoline prices can change rapidly, Verisk 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

Top 200 Items Trend

Since the March 2022 price list publication the Top 200 Items by Total Spend showed an increase of 0.91 percent for Canada and 13.87 percent since April 2021. The United States showed a 1.40 percent increase since the March 2022 publication and an increase of 16.30 percent since April 2021.

The Top 200 Items by Use showed a 1.58 percent increase since the March 2022 publication for Canada and an increase of 10.38 percent since April 2021. The United States showed a 1.72 percent increase since the March 2022 publication and an 13.15 percent increase since April 2021.

The Top Items by Use represents the items that were the most used in claims coming through our system and the Top Items by Spend represents the items that had the highest total spend.

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 have added Hoka Shoes, Ashley HomeStore, and Pro Hockey Life as new vendors in Canada.

U.S.

Canada

Changes to the April price list

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

• DOR (Doors) - Item added for a pre-hung, half louvered, interior double door.
• ELE (Electrical) - Item added for a whole home surge protector.
• PLM (Plumbing) - Item added for a plumbing/drain line water pressure test.
• RFG (Roofing) - Additional items added for flashing larger parapet 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.