Reconstruction costs increase at highest rate since 2015

May 21, 2018 / 1 min read

Verisk released its 360Value^® Quarterly Cost Update on reconstruction costs for the second quarter of 2018. The report offers an overview of current reconstruction cost trends at the national and state/provincial levels for the United States and Canada from April 1, 2017 to April 2018. 360Value Quarterly Report - US MAP

Since April 2017, overall reconstruction costs grew 5.2 percent at the national level in the United States, the highest year-to-year increase since April 2015.

Reconstruction costs increased in all states. Thirty-one states showed increases higher than 5.0 percent. Oregon had the highest cost increase and is the only state with a growth rate higher than 7.0 percent. Hawaii is the only state that experienced less than 3.0 percent total reconstruction cost growth.

Canadian provinces see increases

In Canada, at the national level, total reconstruction costs increased 4.7 percent from April 1, 2017 to April 2018, the highest increase since July 2015. 360Value Quarterly Report - Canada MAP

All ten provinces experienced reconstruction cost growth. Alberta was the only province that experienced an increase of less than 4.0 percent.

About 360Value Quarterly Cost Updates

360Value Quarterly Cost Updates provide current, localized, and detailed cost data on reconstruction labor and building materials—information that’s essential for creating reliable, component-based replacement cost estimates. The reports feature detailed graphics that make the information easy to understand and use. You get information on six key types of materials and six top labor categories.