Summary Q3 2023:
Costs for lumber and plywood continue to decrease significantly this year. Single-family 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. Details from this quarter’s research include:
- By August 2023, costs for lumber decreased by 24% YTD in the U.S. and 26% YTD in Canada.
- Overall residential reconstruction costs in the U.S. and Canada changed by less than 1% from May 2023 to August 2023.
- This year, the South continues to lead the U.S. for the number of building permit approvals, primarily due to applications in Texas and Florida. Most permits continue to be for single-family housing.
Learn more about Q3 trends in the full report.