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 April 2018 to April 2019.
U.S. cost increases hold steady
Total reconstruction costs, including materials and retail labor, grew 3.9 percent at the national level in the United States from April 2018 to April 2019, consistent with the 3.7 percent growth seen from January 2018 to January 2019.
Reconstruction costs increased in all states, with the highest changes seen in Kentucky, Washington, and Georgia (6.0 percent, 5.5 percent, and 5.5 percent, respectively).
Cost increases appear to be slowing in Canadian provinces
In Canada, at the national level, total reconstruction costs increased 3.0 percent from April 2018 to April 2019, revealing a slight downward trend in the rate of increase in recent quarters. During the first quarter of 2019 (January through March), reconstruction costs were up 0.8 per cent.
All ten provinces experienced reconstruction cost increases in the latest reporting period. Costs in Ontario grew the most (5.7 percent), while Saskatchewan showed the smallest increase (1.8 percent). The Cost Update for Canada specifies that the top 3 also includes Newfoundland and British Columbia at 4.0 each and the bottom three are Saskatchewan and Manitoba at 1.8 and 2.0 respectively.
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.