(October 2013 to October 2014)
Replacement cost estimates continue to rise in the fourth quarter of 2014
Year-over-year reconstruction costs grew approximately 3.3 percent since October 2013. All states, with the exception of Alaska, had reconstruction cost increases of more than 3 percent, with 24 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 2.1 percent, and overall materials costs increased 1.6 percent.
To learn more, view the 360Value® Overview of Property Reconstruction Cost Changes for fourth-quarter 2014.