Verisk Industry Trends for January 2022

All reported percent changes are based on the averages that have been reported either since the December 2021 price list publication or from January 2021 to January 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 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 Trend

Over the last month lumber prices have shown a slight upward trend. Since January 2021, lumber prices have still shown an increase of 9.80 percent in the United States and 18.72 percent in Canada. Sheathing materials have followed a similar trend over the last month, showing an increase of 9.00 percent in the United States and 13.80 percent in Canada since January 2021. 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 40.12 percent in the United States and 50.35 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 December 2021 publication, gasoline prices decreased 3.11 percent in the United States and 1.65 percent in Canada. When compared to January 2021, gasoline prices have increased 46.00 percent in the United States and 32.40 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

Top 200 Items Trend

The Top 200 Items by Total Spend showed a 0.40 percent increase since the December price list publication for Canada and an increase of 15.57 percent since January 2021. The United States showed a 0.49 percent increase since the December publication and an increase of 16.50 percent since January 2021. The Top 200 Items by Use showed a 0.53 percent increase since the December publication for Canada and an increase of 11.75 percent since January 2021. The United States showed a 0.63 percent increase since the December publication and an 13.11 percent increase since January 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.

U.S.

Canada

Changes to the January price list

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

• CPS (Cont: Packing, Handling, Storge) - Additional items added for bubble wrapping fragile items.
• EQC (Misc. Equipment - Commercial) - Items added for athletic tracks.
• FNC (Finish Carpentry / Trimwork) - Items added for multiple-piece header casing.
• WTR (Water Extraction & Remediation) - Additional items added for power distribution boxes.

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.