Reconstruction cost increases slowingBy Trish Hopkinson | November 1, 2018
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 October 2017 to October 2018.
U.S. cost increases decelerate
Since October 2017, total reconstruction costs, including materials and retail labor, grew 4.6 percent at the national level in the United States, down from the 5.1 percent growth seen from July 2017 to July 2018.
Reconstruction costs increased in all states. Indiana, North Carolina, and Nevada had the highest changes (6.5 percent, 6.4 percent, and 6.2 percent, respectively). North Carolina showed early signs of being affected by Hurricane Florence, jumping from the seventh position a quarter ago to the second highest in reconstruction costs in the country.
Cost increases remain consistent in Canadian provinces
In Canada, at the national level, total reconstruction costs increased 3.9 percent in 2018, matching the total increase from July 2017 to July 2018. During the third quarter of 2018 (July to September), reconstruction costs were up 0.9 percent.
All ten provinces experienced reconstruction cost increases in the latest reporting period. Costs in Ontario grew the most (6.1 percent), while Alberta showed the lowest increase (2.7 percent).
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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