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Verisk Industry Trends for February 2023

Verisk's Pricing Data

LEHI, Utah — February 1, 2023 — The February 2023 price list updates for more than 460 regions in the United States and Canada are now available for download.

Pricing News — 2022 - February

February General Updates

Pricing research for the February 2023 publication shows that average costs for labor and materials in the United States in claims and remodeling changed in key pricing components.  Since February 2022, the Drywall Material report showed the largest increase of 13.65 percent in the United States, while the 30-yr. Laminated Shingle Labor and Material report increased 11.46 percent.  In Canada, the 30-yr. Laminated Shingle Labor and Material report showed the largest increase of 13.99 percent. 

Since our January 2023 publication, the Retail Labor Rates report showed the largest increase of 0.66 percent in the United States and 0.50 percent in Canada.  The Common Lumber Material continued to drop, decreasing 3.92 percent in the United States and 1.53 percent in Canada since January 2023.

2023 Feb Month Percent Change Of Major Categories

2023 Feb Year Percent Change Of Major Categories

All reported percent changes are based on the averages that have been reported since either the January 2023 price list publication or from February 2022 to February 2023.  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.

Basket of Goods Material

Construction material costs have experienced significant fluctuations in the last two years, but in recent months there has been a notable stabilization. Factors such as increased demand, supply chain disruptions, and weather-related events had previously contributed to the volatility.

Since August 2022 the average monthly change in the United States was close to zero at -0.17 percent, with a low of -0.73 percent and a high of 1.44 percent, while from January 2021 to August 2022 the average monthly change was 0.89 percent with a low of -4.26 percent and a high of 6.69 percent during that time period.

In Canada the average monthly change was -0.54 percent since August 2022, with a low of -3.69 percent and a high of 1.98 percent. From January 2021 to August 2022 the average monthly change was 0.62 percent with a low of -3.69 percent and a high of 5.77 percent.

2023 Feb Basket Of Goods Materials

Lumber Trend

2023 Feb Overall Lumber Trend

2023 Feb Us Sheathing Trend

2023 Feb Ca Sheathing Trend

Since February 2022, lumber prices have decreased 22.48 percent in the United States and 13.85 percent in Canada.  Sheathing materials have followed a similar trend, showing a decrease of 29.45 percent in the United States and 18.53 percent in Canada since February 2022. 

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.

Since the January 2023 publication, gasoline prices increased 8.25 percent in the United States and 5.62 percent in Canada.  When compared to February 2022, gasoline prices have increased 3.59 percent in the United States and 3.61 percent in Canada.

2023 Feb Fuel Changes

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.   

United States

Canada*

Jan. 30, 2023

Jan. 01, 2023

Jan. 31, 2023

Jan. 03, 2023

Gasoline National Average

3.489

3.223

1.579

1.495

                                                                                           * Canada prices are per litre

Top 200 Items Trend

The Top 200 Items by Total Spend increased 0.36 percent in the United States and 0.27 percent in Canada since the January 2023 price list publication.  An increase of 11.02 percent was shown in the United States and 12.26 percent in Canada since the February 2022 price list publication.

The Top 200 Items by Total Use increased 0.32 percent in the United States and 0.28 percent in Canada since the January 2023 price list publication.  An increase of 9.40 percent was shown in the United States and 10.11 percent in Canada since the February 2022 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.

2023 Feb Us Top Items Trend

2023 Feb Ca Top Items Trend

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.  The contents team have added Canadian Tire as a new vendor in Canada.

United States

Vendors

111

General Quote Items

6,351

Master Item List Items

29,541,214

Retired Items

420,761

Canada

Vendors

46

General Quote Items

6,328

Master Item List Items

7,947,532

Retired Items

332,536

 

Changes to the February Price List

  • ELE (Electrical) - Item added for humidity sensor / fan control switch.
  • ELS (Electrical - Special Systems) - Item added to detach and reset security system key pad.

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 are encouraged to mark their estimates complete for program and non-program work to provide their pricing feedback information 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.

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