Reconstruction cost increases continue to slowBy Trish Hopkinson | January 29, 2019
Verisk recently released its latest 360Value® Quarterly Cost Update, which offers an overview of current reconstruction cost trends at the national and state/provincial levels for the United States and Canada from January 2018 to January 2019.
U.S. cost increases decelerate further
Total reconstruction costs, including materials and retail labor, grew 3.7 percent at the national level in the United States from January 2018 to January 2019, down from the 4.6 percent growth seen from October 2017 to October 2018.
Reconstruction costs increased in all states. Massachusetts, North Carolina, and Idaho had the highest changes (5.4 percent, 5.3 percent, and 5.1 percent, respectively).
Cost increases remain consistent in Canadian provinces
In Canada, at the national level, total reconstruction costs increased 3.6 percent from January 2018 to January 2019, matching the total increase for each of the 12-month periods ending July and October 2018, respectively. During the fourth quarter of 2018 (October through December), reconstruction costs were up 0.3 percent.
All ten provinces experienced reconstruction cost increases in the latest reporting period. Costs in Ontario grew the most (7.0 percent), while Saskatchewan showed the lowest increase (2.0 percent).
View the full report and map for Canada.
About 360Value Quarterly Cost Updates
360Value Quarterly Cost Updates provide current, localized, and detailed cost data on reconstruction labor and building materials—information that’s essential for creating reliable, component-based replacement cost estimates. The reports feature detailed graphics that make the information easy to understand and use. You get information on six key types of materials and six top labor categories.
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