Construction Cost Update Highlights
CoreLogic® monitors a wide variety of construction materials and labor for the building industry. The chart below highlights the change in costs for key construction materials over the preceding month, quarter (3 months), and year (12 months).
| United States | Canada | |||||
|
Month |
Quarter |
Year |
Month |
Quarter |
Year |
|
| Aluminum Conduit |
0.3% |
0.9% |
15.6% |
0.1% |
1.1% |
14.7% |
| Asphalt Shingles |
0.4% |
3.1% |
17.7% |
1.3% |
5.6% |
25.6% |
| Concrete Block |
0.4% |
3.2% |
18.8% |
0.3% |
2.4% |
14.9% |
| Drywall |
0.7% |
4.1% |
20.5% |
0.1% |
2.9% |
18.1% |
| Felt Paper |
1.5% |
5.1% |
31.2% |
0.7% |
3.4% |
21.5% |
| Galvanized Pipe |
0.1% |
1.5% |
13.6% |
0.1% |
1.7% |
8.5% |
| Lumber |
-5.3% |
-15.1% |
4.1% |
-4.6% |
-14.3% |
8.1% |
| Plywood |
-3.6% |
-10.8% |
0.1% |
-2.5% |
-8.2% |
5.8% |
| Ready Mix |
0.6% |
2.3% |
10.7% |
0.2% |
2.0% |
10.9% |
| Rebar |
-1.1% |
-2.2% |
-0.8% |
-0.9% |
-0.7% |
1.9% |
| Steel Deck |
-0.3% |
-3.0% |
-1.1% |
-0.3% |
-0.1% |
3.2% |
| Steel Stud |
-0.2% |
0.5% |
25.9% |
-0.1% |
1.0% |
23.5% |
| Structural Steel |
-0.7% |
-1.4% |
6.9% |
-0.6% |
0.6% |
10.0% |
| 1/2″ Copper Pipe |
-0.4% |
-2.3% |
12.8% |
-0.2% |
-0.2% |
15.5% |
| Material National Average |
-1.3% |
-3.6% |
11.3% |
-0.9% |
-1.8% |
13.6% |
| Labor National Average |
0.2% |
0.7% |
2.9% |
0.0% |
1.0% |
2.5% |
National Average
Building Construction Index
December 2022 – January 2023
The National Average Building Construction Index reflects the change in overall building costs.
|
|
Residential |
Commercial |
Agricultural |
|
United States |
-0.61% |
-0.58% |
-0.40% |
|
Canada |
-0.34% |
-0.59% |
-0.42% |
United States
Building Construction Index by State
December 2022 – January 2023
|
State |
Residential |
Commercial |
Agricultural |
| Alabama |
-1.31% |
-0.98% |
-0.87% |
| Alaska |
-0.72% |
-0.62% |
-0.33% |
| Arizona |
-1.09% |
-0.91% |
-0.73% |
| Arkansas |
-0.52% |
-0.26% |
-0.30% |
| California |
-0.54% |
-0.50% |
-0.37% |
| Colorado |
-0.40% |
-0.27% |
-0.17% |
| Connecticut |
-0.45% |
-0.26% |
-0.30% |
| Delaware |
-1.14% |
-1.47% |
-1.20% |
| District of Columbia |
-0.63% |
-0.52% |
-0.40% |
| Florida |
-0.72% |
-0.83% |
-0.74% |
| Georgia |
-0.60% |
-0.40% |
-0.35% |
| Hawaii |
-0.37% |
-0.68% |
-0.60% |
| Idaho |
-0.48% |
-0.81% |
-0.40% |
| Illinois |
-0.31% |
-0.21% |
0.03% |
| Indiana |
-0.80% |
-0.81% |
-0.51% |
| Iowa |
-0.37% |
-0.76% |
-0.54% |
| Kansas |
-0.11% |
0.08% |
0.33% |
| Kentucky |
-0.77% |
-0.55% |
-0.45% |
| Louisiana |
-1.02% |
-0.68% |
-0.45% |
| Maine |
-0.56% |
-0.37% |
-0.44% |
| Maryland |
-0.66% |
-0.93% |
-0.54% |
| Massachusetts |
-0.51% |
-0.24% |
-0.01% |
| Michigan |
-0.59% |
-0.63% |
-0.34% |
| Minnesota |
-0.25% |
-0.32% |
-0.18% |
| Mississippi |
-0.70% |
-0.56% |
-0.41% |
| Missouri |
-0.16% |
0.05% |
0.21% |
| Montana |
-0.14% |
0.07% |
0.20% |
| Nebraska |
-0.24% |
-0.12% |
-0.12% |
| Nevada |
-0.74% |
-0.82% |
-0.63% |
| New Hampshire |
-0.32% |
-0.12% |
-0.20% |
| New Jersey |
-0.56% |
-0.99% |
-0.71% |
| New Mexico |
-1.06% |
-0.81% |
-0.83% |
| New York |
-0.55% |
-0.66% |
-0.42% |
| North Carolina |
-0.86% |
-1.11% |
-0.95% |
| North Dakota |
-0.28% |
-0.23% |
-0.10% |
| Ohio |
-1.19% |
-1.03% |
-0.78% |
| Oklahoma |
-0.97% |
-0.96% |
-0.60% |
| Oregon |
-0.34% |
-0.21% |
-0.03% |
| Pennsylvania |
-1.00% |
-0.79% |
-0.55% |
| Rhode Island |
-0.84% |
-0.59% |
0.20% |
| South Carolina |
-0.33% |
-0.24% |
-0.23% |
| South Dakota |
-0.39% |
-0.24% |
-0.20% |
| Tennessee |
-0.79% |
-0.64% |
-0.40% |
| Texas |
-0.79% |
-0.99% |
-0.61% |
| Utah |
-0.47% |
-0.24% |
-0.30% |
| Vermont |
-0.30% |
-0.06% |
-0.10% |
| Virginia |
-1.01% |
-1.05% |
-0.54% |
| Washington |
-0.45% |
-0.17% |
-0.15% |
| West Virginia |
-0.92% |
-0.62% |
-0.50% |
| Wisconsin |
-0.40% |
-0.33% |
-0.35% |
| Wyoming |
-0.37% |
-0.14% |
-0.25% |
January 2023 United States
Residential Building Construction Index
January 2023 United States
Commercial Building Construction Index
January 2023 United States
Agricultural Building Construction Index
Canada
Building Construction Index by Province
December 2022 – January 2023
|
Province |
Residential |
Commercial |
Agricultural |
|
Alberta |
-1.17% |
-0.66% |
-0.30% |
|
British Columbia |
-0.49% |
-0.39% |
-0.22% |
|
Manitoba |
-0.50% |
-0.98% |
-0.69% |
|
New Brunswick |
-0.70% |
-0.87% |
-0.54% |
|
Newfoundland and Labrador |
-0.39% |
-0.43% |
-0.36% |
|
Northwest Territories |
-0.52% |
-1.60% |
-2.00% |
|
Nova Scotia |
-0.69% |
-0.52% |
-0.35% |
|
Nunavut |
-0.81% |
-1.60% |
-2.00% |
|
Ontario |
-0.92% |
-0.60% |
-0.49% |
|
Prince Edward Island |
-1.49% |
-1.60% |
-2.00% |
|
Quebec |
-0.11% |
-0.45% |
-0.25% |
|
Saskatchewan |
-0.98% |
-0.64% |
-0.54% |
|
Yukon |
-0.36% |
-1.60% |
-2.00% |
January 2023 Canada
Residential Building Construction Index
January 2023 Canada
Commercial Building Construction Index
January 2023 Canada
Agricultural Building Construction Index
WHAT’S NEW
Note: CoreLogic recommends a full program install whenever possible to ensure use of the latest data and program enhancements.
Cost Data Changes: RCT Express 4.x and Commercial Express
- The January 2023 cost data update reflects reconstruction cost changes in both labor and material. Standardized costs in this release reflect localized, updated costs representing the impact of emerging markets and economic trends on construction costs.
Non-Cost Data Changes: RCT Express 4.x
- The MMH Historical Depreciation table has been updated with the Year Built of 2024 and the other Year Built values have been adjusted accordingly.
Non-Cost Data Changes: Commercial Express
- There are no non-cost data changes for January 2023.
About CoreLogic Data Research
To ensure that our clients receive the most current building material and labor costs, the CoreLogic data team continuously researches hard costs such as labor, material and equipment, including mark-ups. Our research also covers soft costs such as taxes and fringes for reconstruction work performed for the insurance industry in the United States and Canada. 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.
Other factors in this process include the following:
- 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
In addition, we validate cost data by analyzing field inspection records, contractor estimates, phone surveys and partial and full loss claim information. For more information, or for further explanation, please contact your sales consultant or account manager.
NOTE: The cost information in this bulletin is only 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.