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MATERIAL AND LABOR PRICING DATA

Pricing Updates

Verisk's Pricing Data

LEHI, Utah — October 1, 2022 — The October 2022 price list updates for more than 460 regions in the United States and Canada are now available for download.

Pricing research for the October 2022 publication shows that average costs for labor and materials in the United States in claims and remodeling showed some decreases as well as some increases in key pricing components.  Since October 2021, the 30-yr. Laminated Shingle Labor and Material report showed the largest increase of 12.76 percent in the United States and 14.67 percent in Canada.  The Common Lumber Material report showed the least movement with an increase of 6.28 percent in the United States and a 1.55 percent decrease in Canada.

Pricing News — 2022 - October

Hurricane Ian update

The October price lists are inclusive of pricing updates for the areas impacted by Hurricane Ian, which made landfall in Florida on September 28th, 2022 and again in South Carolina on September 30th, 2022.  Customers can view the Industry Trend Reportsfor additional information.

October Pricelist 

Since our September 2022 publication, the Common Lumber Material report showed a decrease of 1.43 percent in the United States and 4.85 percent in Canada.  The Drywall Material report showed the largest increase of 1.41 percent in the United States while the 30-yr. Laminated Shingle Labor and Material report showed the largest increase of 1.83 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.

2022 Oct Month Percent Change Of Major Categories

2022 Oct Year Percent Change Of Major Categories

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

2022 Oct Overall Lumber Trend

2022 Oct Us Sheathing Trend

2022 Oct Ca Sheathing Trend

Since October 2021, lumber prices have shown an increase of 6.28 percent in the United States and a decrease of 1.55 percent in Canada.  Sheathing materials have followed a similar trend, showing an increase of 2.11 percent in the United States and a decrease of 12.43 percent in Canada since October 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 September 2022 publication, gasoline prices decreased 3.03 percent in the United States and 2.95 percent in Canada.  When compared to October 2021, gasoline prices have increased 16.90 percent in the United States and 15.80 percent in Canada.    

2022 Oct 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*

 

Sep. 26, 2022

Aug. 29, 2022

Sep. 27, 2022

Aug. 30, 2022

Gasoline National Average

3.711

    3.827

     1.610

     1.659

                                                                                                * Canada prices are per liter

Top 200 Items Trend

The Top 200 Items by Total Spend showed a .75 percent increase in the United States and 1.58 percent in Canada since the September 2022 price list publication.  An increase of 12.76 percent was shown in the United States and 14.18 percent in Canada since the October 2021 price list publication.

The Top 200 Items by Total Use showed a .97 percent increase in the United States and 1.58 percent in Canada since the September 2022 price list publication.  An increase of 10.99 percent was shown in the United States and 10.71 percent in Canada since the October 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.

2022 Oct Us Top Items Trend

2022 Oct 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 has recently added JuliaHair as a new vendor.    

United States

Vendors

120

General Quote Items

6,257

Master Item List Items

107,604,269

Retired Items

414,958

Canada

Vendors

43

General Quote Items

6,234

Master Item List Items

5,358,013

Retired Items

331,007

Changes to the October price list

  • CPS (Cont: Packing, Handling, Storage) - Item added for additional packing paper per LF.

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.

Verisk's Pricing Data

This bulletin gives a brief overview of recent pricing trends in the property insurance, construction, and restoration industries.

As a reporter of market-specific pricing information for repairing or rebuilding structures and replacing personal property, Verisk conducts hundreds of thousands of industry surveys, and reviews millions of data points per year submitted through field estimates written by contractors and adjusters as well as electronic data feeds provided by retail merchants. This extensive library of research enables Verisk to provide a comprehensive report of important industry trends.

Pricing News — 2022 - 3rd Quarter

Fuel cost increases were included in the Retail Labor Rates for the July 2022 publication. The Retail Labor Rates were increased a minimum of $0.40 per hour based on the national average increase of fuel between May 23, 2022 and June 13, 2022. More detailed information can be found in the following news release: Gasoline Price Increases for USA and Canada.

Materials

Material costs are highly variable and are sometimes impacted by factors such as fuel costs, changes to industry practices, or natural disasters. Verisk closely monitors a wide variety of material costs across the country to ensure its price lists reflect any recent changes to pricing.

In the second quarter of 2022, Verisk observed changes in six key material categories. Lumber Material had the largest quarterly change, showing a decrease of 18.98 percent. Lumber Material also had the largest annual decrease of 28.05 percent since July 2021.

Keymatcat 20

The Material Composite Index report tracks a combination of several commonly used material components, including floor covering, paint, and roofing among others. The index showed a 3.06 percent cost decrease in the second quarter of 2022 and an 0.82 percent cost decrease since July 2021.

Matcomind 20

Labor

Verisk’s Pricing Data Services team also surveys thousands of contractors across the country each month to determine what they charge for labor. The labor cost of a Flooring Installer had the largest quarterly percent change with a 2.76 percent increase, while the Siding Installer had the highest annual change with a 15.05 percent increase.

Keylabcat 20

The Retail Labor Index report tracks a combination of several common trades, including floor covering, painting, and roofing. In the second quarter of 2022, the index showed a 1.80 percent cost increase, and since July 2021 the index showed a 9. percent cost increase.

Labcomind 20

The individual trades that contribute to the Retail Labor Index varied in their percent change over the quarter. The most significant quarterly change occurred in the labor cost of a Cleaning Technician which increased 3.07 percent since April 2022.

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Combined Trends

The Combined Labor and Materials report is based on monthly building cost data published by Verisk. It comprises a set of commonly used items and may be used as an indicator of trends within the marketplace. This combination of labor and materials makes up the majority of Verisk price list items. Tracking the percent change for the cost of these items provides a valuable gauge of the general market.

The Combined Labor and Materials report showed a decrease of 0.58 percent in the second quarter of 2022 and a 4.36 percent increase since July 2021.

Labmat 20

Fuel Costs

Fuel costs are extremely volatile and are a factor in item pricing. High oil prices can push up the price of some raw materials. Fuel costs increased 12.76 percent over the second quarter of 2022 and have increased by 52.82 percent since July 2021. Verisk’s Pricing Data Services carefully tracks fuel costs to ensure accurate pricing.

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Lumber

Since July 2021, lumber prices have decreased by 28.05 percent. During the second quarter of 2022 lumber prices have continued to decrease, showing a downward trend of 18.98 percent. Sheathing materials have also decreased 24.01 percent from April 2022 to July 2022.

Overall Lumber 20

Lumber Itr 20

The Basket of Goods reports are also a good indicator of the impact that lumber costs have had on market pricing. Since July 2021, the Basket of Goods Labor & Material report has shown an increase of 4.36 percent. When framing components are removed from this basket of goods, the report shows an increase of 9.71 percent.

Since July 2021, the Basket of Goods Material report has shown a decrease of 0.82 percent. When framing components are removed from this basket of goods, the report shows an increase of 9.99 percent.

Verisk is continually monitoring lumber materials and making warranted adjustments from focused surveys with suppliers for each monthly price list publication.

Basketgoodslabmat 20

Basketgoodsmat 20

Where to Learn More

Annual Property Report

Verisk publishes annual property reports that focus on key trends during the previous calendar year. To order a copy of Verisk’s Property Report for the United States or Canada, please visit the Verisk Online Store.

Industry Trend Reports

Using Industry Trend Reports, Verisk customers can examine pricing trends on national, state or province, and local levels for key material and labor pricing changes in multiple trades. Trends can be viewed by the month or over extended periods of time. For more information about Verisk’s Industry Trend Reports, or to receive access to them, please contact your sales representative or call 1-800-424-9228.

Pricing Methodology White Paper

For more information about Verisk’s methodology for researching and publishing pricing information, please see the Pricing Research Methodology white paper on the eService Center.

 Unless otherwise stated, the values reported in this bulletin are national averages for the United States and will vary from local prices.

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