Summary Q3 2024:
Since January, the cost of lumber has decreased by 4% in the U.S. and by 2% in Canada. During the same period, costs for carpet and clay bricks have notably increased. Single-unit housing, particularly in the U.S. South, have been leading in permit approvals for 2024.
CoreLogic tracks construction costs for all types of goods (labor and materials) for commercial, residential, and agricultural construction throughout the U.S. and Canada. Details from this quarter’s research include:
- From January 2024 to July 2024, costs for lumber decreased by 4% or less, while costs for carpet increased by over 11%. Costs for clay bricks increased by over 9%.
- Overall residential reconstruction costs from January 2024 to May 2024 increased by an average of 3% in the U.S. and 1.9% in Canada.
- Overall residential reconstruction costs this quarter increased the most in Oregon and Washington, where growth was over 3.6%.
- The South leads the nation so far in 2024 for the number of building permit approvals, primarily due to Texas and Florida. Most permits were for single-unit housing.
Learn more about Q3 trends in the full report.
