Verisk released its 360Value® Quarterly Cost Update on reconstruction costs for the first quarter of 2018. The report offers an overview of current reconstruction cost trends at the national and state/provincial levels for the United States and Canada from January 2017 to January 2018.
Since January 2017, overall reconstruction costs grew 5.0 percent at the national level in the United States, more than double the increase seen in 2016 (2.4 percent). The total increase for 2017 is also the highest in the past three years.
Reconstruction costs increased in all states in 2017. Twenty-four states showed increases higher than 5.0 percent. Hawaii is the only state that experienced less than 3.0 percent total reconstruction cost growth.
Canadian provinces see increases
In Canada, at the national level, total reconstruction costs increased 4.0 percent in 2017, nearly double the rate of increase in 2016 (2.1 percent).
Upward movement in the third and fourth quarters drove the 2017 increase, following a trend of flat reconstruction costs throughout 2016. All ten provinces experienced reconstruction cost increases in 2017.
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.