Construction Cost Update Highlights
CoreLogic® monitors a wide variety of construction materials and labor for the building industry. We are now releasing our construction cost bulletins monthly to more accurately reflect market shifts.
Report Highlights:
-The material national average in the U.S. stayed consistent year over year despite a 2.7% cost reduction over the past quarter. The same material national average in Canada increased 5.3% during this period despite a 1.2% reduction over the quarter.
-The National Average Building Construction index indicates an increase in residential building costs from last quarter but a decrease in commercial and agricultural prices in the same time period. Canadian costs show cost decreases across all three markets.
Data and charts in this bulletin reflect changes in costs over the following time periods:
Month: March 2023 to April 2023
Quarter: January 2023 to April 2023
Year: April 2022 to April 2023
| United States | Canada | |||||
| Month | Quarter | Year | Month | Quarter | Year | |
| Aluminum Conduit | 0.5% | 1.4% | 12.6% | 0.3% | 1.9% | 11.5% |
| Asphalt Shingles | 0.3% | 1.6% | 15.3% | 0.8% | 2.8% | 23.7% |
| Concrete Block | 1.4% | 3.1% | 18.7% | 1.1% | 2.2% | 14.6% |
| Drywall | 1.4% | 4.3% | 19.6% | 0.6% | 2.7% | 16.4% |
| Felt Paper | 0.6% | 3.5% | 28.1% | 0.3% | 2.3% | 16.6% |
| Galvanized Pipe | -0.4% | 0.6% | 10.1% | 0.0% | 0.5% | 6.5% |
| Lumber | -4.9% | -14.7% | -27.1% | -5.4% | -14.9% | -20.7% |
| Plywood | -5.0% | -14.6% | -21.5% | -2.2% | -7.7% | -7.8% |
| Ready Mix | 1.9% | 3.9% | 12.6% | 0.8% | 1.9% | 10.5% |
| Rebar | -1.2% | -2.6% | -4.0% | -0.9% | -1.6% | -0.3% |
| Steel Deck | -0.4% | -1.1% | -3.5% | -0.2% | -0.2% | 1.4% |
| Steel Stud | -0.1% | -1.3% | 10.1% | 0.3% | -1.0% | 7.9% |
| Structural Steel | -0.5% | -1.8% | -0.3% | 0.4% | -0.6% | 4.2% |
| 1/2″ Copper Pipe | 1.2% | 1.8% | 7.1% | 1.2% | 2.0% | 9.4% |
| United States | Canada | |||||
| Month | Quarter | Year | Month | Quarter | Year | |
| Material National Average | -0.6% | -2.7% | 0.0% | -0.3% | -1.2% | 5.3% |
| Labor National Average | 0.2% | 0.5% | 2.6% | 0.1% | 0.1% | 2.1% |
National Average
Building Construction Index
The National Average Building Construction Index reflects the change in overall building costs.
| Residential | Commercial | Agricultural | ||||
| Month | Quarter | Month | Quarter | Month | Quarter | |
| United States | 0.06% | 0.86% | -0.25% | -0.92% | -0.12% | -0.65% |
| Canada | 0.34% | -0.33% | -0.28% | -1.04% | -0.16% | -0.80% |
United States
Building Construction Index by State
| Residential | Commercial | Agricultural | ||||
| State | Monthly Variance | Quarterly Variance | Monthly Variance | Quarterly Variance | Monthly Variance | Quarterly Variance |
| Alabama | 0.09% | 0.71% | -0.31% | -1.34% | -0.27% | -1.07% |
| Alaska | -0.09% | 1.02% | -0.26% | -0.47% | -0.07% | -0.43% |
| Arizona | -0.16% | 0.91% | -0.49% | -1.11% | -0.25% | -0.86% |
| Arkansas | 0.35% | 1.14% | -0.03% | -0.98% | 0.00% | -0.25% |
| California | -0.04% | -0.85% | -0.24% | -0.93% | -0.11% | -0.60% |
| Colorado | 0.03% | 1.26% | -0.22% | -0.39% | -0.17% | -0.26% |
| Connecticut | 0.04% | 0.97% | -0.25% | -1.22% | -0.35% | -0.84% |
| Delaware | -0.15% | 0.94% | -0.63% | -1.11% | -0.30% | -0.80% |
| District of Columbia | -0.04% | 1.29% | -0.52% | -0.96% | -0.30% | -0.70% |
| Florida | 0.18% | 0.34% | -0.32% | -1.55% | -0.20% | -1.40% |
| Georgia | 0.17% | 0.36% | 0.00% | -2.02% | 0.00% | -1.74% |
| Hawaii | 0.43% | 1.07% | 0.46% | -0.30% | 0.30% | -0.10% |
| Idaho | 0.07% | 0.54% | -0.46% | -1.27% | -0.20% | -1.05% |
| Illinois | 0.09% | 1.35% | -0.11% | -0.42% | -0.02% | -0.27% |
| Indiana | 0.11% | 1.00% | -0.30% | -1.02% | -0.13% | -0.70% |
| Iowa | 0.17% | 1.21% | -0.27% | -0.77% | -0.17% | -0.60% |
| Kansas | 0.38% | 1.41% | 0.06% | -0.64% | 0.20% | -0.40% |
| Kentucky | 0.21% | 1.07% | -0.05% | -0.96% | 0.12% | -0.58% |
| Louisiana | 0.80% | 2.06% | 0.23% | 0.08% | 0.30% | 0.19% |
| Maine | -0.16% | 0.79% | -0.39% | -1.04% | -0.23% | -0.63% |
| Maryland | 0.08% | 0.89% | -0.41% | -1.13% | -0.38% | -0.93% |
| Massachusetts | -0.37% | 0.64% | -0.51% | -1.31% | -0.30% | -1.16% |
| Michigan | -0.04% | 1.03% | -0.38% | -0.95% | -0.26% | -0.39% |
| Minnesota | -0.09% | 1.14% | -0.37% | -0.73% | -0.28% | -0.54% |
| Mississippi | 0.41% | 0.52% | 0.04% | -1.35% | 0.15% | -1.02% |
| Missouri | 0.05% | 1.07% | -0.25% | -0.92% | -0.07% | -0.43% |
| Montana | 0.22% | 1.35% | -0.17% | -0.65% | 0.04% | -0.42% |
| Nebraska | 0.06% | 1.04% | -0.14% | -0.71% | -0.08% | -0.43% |
| Nevada | 0.01% | 1.01% | -0.18% | -0.64% | 0.03% | -0.23% |
| New Hampshire | 0.09% | 0.65% | -0.09% | -1.11% | -0.15% | -0.80% |
| New Jersey | 0.13% | 1.24% | -0.30% | -0.61% | -0.01% | -0.06% |
| New Mexico | -0.27% | 1.22% | -0.68% | -0.85% | -0.48% | -0.91% |
| New York | 0.08% | 0.98% | -0.21% | -1.12% | -0.04% | -0.68% |
| North Carolina | 0.09% | 0.77% | -0.41% | -1.25% | -0.22% | -0.97% |
| North Dakota | -0.02% | 0.96% | -0.50% | -1.02% | -0.37% | -0.56% |
| Ohio | -0.02% | 1.09% | -0.29% | -0.77% | -0.05% | -0.43% |
| Oklahoma | 0.40% | 1.85% | -0.03% | -0.20% | 0.22% | 0.28% |
| Oregon | 0.07% | 1.10% | -0.12% | -0.67% | -0.14% | -0.71% |
| Pennsylvania | 0.06% | 1.13% | -0.23% | -0.65% | 0.03% | -0.27% |
| Rhode Island | -0.34% | 1.04% | -0.54% | -0.62% | -0.30% | -0.60% |
| South Carolina | 0.03% | 0.40% | -0.30% | -1.54% | -0.28% | -1.34% |
| South Dakota | -0.07% | 0.96% | -0.30% | -1.14% | -0.25% | -0.82% |
| Tennessee | 0.20% | 0.68% | -0.26% | -1.45% | -0.36% | -1.33% |
| Texas | 0.25% | 1.24% | -0.24% | -0.62% | -0.03% | -0.51% |
| Utah | 0.21% | 0.79% | -0.10% | -1.44% | -0.20% | -1.20% |
| Vermont | 0.22% | 0.43% | -0.13% | -1.46% | -0.10% | -1.40% |
| Virginia | -0.09% | 0.77% | -0.64% | -1.43% | -0.60% | -1.31% |
| Washington | -0.09% | 0.95% | -0.33% | -0.84% | -0.16% | -0.46% |
| West Virginia | -0.02% | 0.83% | -0.32% | -1.35% | -0.13% | -0.73% |
| Wisconsin | 0.02% | 1.16% | -0.20% | -0.65% | -0.05% | -0.43% |
| Wyoming | 0.34% | 1.08% | -0.11% | -0.85% | -0.15% | -0.71% |
April 2023 United States
Residential Building Construction Index
April 2023 United States
Commercial Building Construction Index
April 2023 United States
Agricultural Building Construction Index
Canada
Building Construction Index by Province
| Residential | Commercial | Agricultural | ||||
| Province | Monthly Variance |
Quarterly Variance | Monthly Variance |
Quarterly Variance | Monthly Variance |
Quarterly Variance |
| Alberta | 0.29% | -0.31% | -0.03% | -0.84% | 0.03% | -0.60% |
| British Columbia | 0.61% | -0.36% | 0.10% | -0.85% | 0.16% | -0.80% |
| Manitoba | 0.16% | -0.17% | -0.66% | -1.04% | -0.78% | -0.88% |
| New Brunswick | 0.20% | -0.43% | -0.59% | -1.43% | -0.75% | -1.35% |
| Newfoundland and Labrador | 0.57% | -0.88% | -0.26% | -1.16% | -0.26% | -0.64% |
| Northwest Territories | 0.54% | -0.24% | -0.07% | -0.95% | -0.30% | -0.90% |
| Nova Scotia | 0.21% | -0.63% | -0.37% | -1.25% | -0.15% | -1.13% |
| Nunavut | 0.16% | -0.35% | -0.07% | -0.95% | -0.30% | -0.90% |
| Ontario | 0.11% | -0.31% | -0.38% | -0.99% | -0.13% | -0.62% |
| Prince Edward Island | 0.35% | -0.23% | -0.07% | -0.95% | -0.30% | -0.90% |
| Quebec | 0.80% | 0.10% | -0.13% | -0.97% | -0.04% | -0.68% |
| Saskatchewan | -0.10% | -0.69% | -0.43% | -1.18% | -0.37% | -1.20% |
| Yukon | 0.71% | -0.20% | -0.07% | -0.95% | -0.30% | -0.90% |
April 2023 Canada
Residential Building Construction Index
April 2023 Canada
Commercial Building Construction Index
April 2023 Canada
Agricultural Building Construction Index
WHAT’S NEW
Note: CoreLogic recommends a full program install whenever possible to ensure the availability of the latest data and program enhancements.
Cost Data Changes: RCT Express 4.x and Commercial Express
- The April 2023 cost data update reflects reconstruction cost changes for both labor and material. Costs reflect localized pricing, incorporating the impacts of emerging markets and economic trends on costs.
Non-Cost Data Changes: RCT Express 4.x
- There are no non-cost data changes for April 2023.
Non-Cost Data Changes: Commercial Express
- There are no non-cost data changes for April 2023.
About CoreLogic Data Research
The CoreLogic data team continuously researches hard costs such as labor, material and equipment, including mark-ups to ensure that our clients are utilizing the most current building material and labor costs. We also include soft costs such as taxes and fringes for reconstruction work performed for the insurance industry in the United States and Canada in our research. We monitor demographics and econometric statistics, government indicators and localization requirements, including market trends from nearly 3,000 unique economies in the United States and over 100 in Canada.
Our research process considers the following additional factors:
- Wage rates for more than 85 union and non-union trades
- Over 100,000 construction data points
- Productivity rates and crew sizes
- Building code requirements and localized cost variables
Additionally, we validate cost data by analyzing field inspection records, contractor estimates, phone surveys and partial and full loss claim information. Contact your sales consultant or account manager for additional information or questions.
NOTE: The cost information in this bulletin is intended to give you a general sense of reconstruction cost trends in North America. You should NOT advocate using these factors when adjusting renewal values for specific locations or across your book of business. Please note that the building material and labor cost trends presented in this bulletin are broad averages derived from our research of construction trades and building materials.