Summary of Q2 2023:
Costs for lumber and plywood have decreased significantly this year. Single-unit housing and the U.S. South continue to dominate permit approvals.
CoreLogic tracks construction costs for all types of goods (labor and materials) for commercial, residential and agricultural construction throughout the United States and Canada. Detail of this quarter’s research include:
- By April 2023, costs for lumber had decreased by 15% YTD in the U.S. and 16% YTD in Canada.
- Overall residential reconstruction costs have increased by under 2% from February 2023 to May 2023 in the U.S. and 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.
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