Verisk Industry Trends for September 2022

Since our August 2022 publication, the Common Lumber Material report showed a decrease of 2.52 percent in the United States and 0.66 percent in Canada.  The Drywall Material report showed the largest increase of 1.94 percent in the United States while the 30-yr. Laminated Shingle Labor and Material report showed the largest increase of 2.09 percent in Canada. Construction costs continue to be impacted by supply and demand, distribution, inflation, etc.  It also remains a tight labor market, and companies are competing to hire and keep quality employees.

All reported percent changes are based on the averages that have been reported since either the August 2022 price list publication or from September 2021 to September 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.

Lumber Trend

Since September 2021, lumber prices have shown a decrease of 6.47 percent in the United States and 1.40 percent in Canada.  Sheathing materials have followed a similar trend, showing a decrease of 14.06 percent in the United States and 10.01 percent in Canada since September 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 United States and Canada.

Since the August 2022 publication, gasoline prices decreased 8.71 percent in the United States and 9.93 percent in Canada.  When compared to September 2021, gasoline prices have increased 21.92 percent in the United States and 18.58 percent in Canada.

Because gasoline prices can change rapidly, Verisk recommends estimators monitor their local costs to determine whether repair or construction costs are affected.  For further details, see the United States Department of Energy website.   

                                                                                                               * Canada prices are per liter

Top 200 Items Trend

The Top 200 Items by Total Spend showed a 1.09 percent increase in the United States and 0.78 percent in Canada since the August 2022 price list publication.  An increase of 12.24 percent was shown in the United States and 12.79 percent in Canada since the September 2021 price list publication.

The Top 200 Items by Total Use showed a 1.04 percent increase in the United States and 1.25 percent in Canada since the August 2022 price list publication.  An increase of 10.25 percent was shown in the United States and 9.25 percent in Canada since the September 2021 price list publication.

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.    

United States

Canada

Changes to the September price list

• DRY (Drywall) - Item added for 5/8” mold resistant drywall hung, taped, floated, and ready for paint.
• ELE (Electrical) - Items added for additional door bell/chime button grades and for a high grade 110 volt wiring run.
• SDG (Siding) - Item added for 3/8” fanfold foam insulation board.

• Added four new pricelist areas for the Quebec province in Canada: Grand Nord (QCGN), Montréal – Nord (QCMN), Montréal – Sud (QCMS), Rimouski (QCRM), and associated postal codes.

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.  Estimators 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.