Summary of Q1 2023:
Costs for some materials have already increased since January. Single unit housing and the South continue to dominate permit approvals.
CoreLogic tracks construction cost for commercial, residential and agricultural construction of all types of goods (labor and materials) throughout the United States and Canada. Detail of this quarter’s research include:
- In the first month of 2023, U.S. costs for nylon loops, door slabs, clay bricks, poly rigid insulation, and asphalt felt have increased
- Overall residential reconstruction costs have declined slightly from Nov ‘22 to Feb ‘23 by -1.7% in U.S. and -1.6% in Canada.
The South is leading in the nation in 2023 for number of building permit approvals, primarily due to Texas and Florida. Most permits continue to be for single unit housing, though 5+ unit housing is a close second.
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