Verisk Insurance Solutions released its 360Value® Quarterly Cost Updates on reconstruction costs for the second quarter of 2017. The reports offer an overview of current reconstruction cost trends at the national and state/provincial level for the United States and Canada.
At the U.S. national level, reconstruction costs continue to edge upward. Since April 2016, overall reconstruction costs increased 3 percent in the United States. This marks the highest increase since fourth-quarter 2015. Since January 2017, reconstruction costs increased 1 percent in the United States.
Overall from April 2016 to April 2017, rate changes in the states were fairly stable, rising slowly at a consistent pace. The seven states with the highest cost increases (greater than 4 percent) were scattered throughout the West (Arizona, Colorado, Nevada, and Washington) and Midwest (Kansas, Missouri, and Wisconsin). Delaware and New Hampshire were the slowest-growing states in terms of overall cost increases. View the full report and map for the United States.
Canadian provinces see increases
In Canada, all ten provinces again experienced reconstruction cost increases. At the national level, reconstruction costs increased 2.2 percent from April 2016 to April 2017. This reverses the pattern of a slowing rate on increases in the previous quarter.
During the first quarter of 2017, reconstruction costs rose 0.8 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. For more information, visit the 360Value website or contact your Verisk Insurance Solutions representative.
Scott Amussen is vice president of property products for Verisk Insurance Solutions–Underwriting and was previously assistant vice president for Xactware’s 360Value. You can contact Scott at firstname.lastname@example.org.