(July 2013 to July 2014)
Replacement cost estimates will continue to rise in the third quarter of 2014
The year-over-year increase in reconstruction costs grew approximately 2.7 percent since last July. All states, with the exception of Alaska, had reconstruction cost increases of more than 2 percent, with 13 states seeing increases of more than 4 percent. Increased costs for labor were a contributing factor in the annual increase. Overall, retail labor rates increased 2.9 percent, while overall materials costs are down slightly since July 2013.
To learn more, view the 360Value® Overview of Property Reconstruction Cost Changes for third-quarter 2014