Summary Q4 2024:
The cost of lumber has decreased by 6% in the U.S. and by 5% in Canada since January. Costs for carpet, insulation, and clay bricks have notably increased. Single unit housing and the 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 October 2024, costs for lumber decreased by 6% or less, while costs for carpet increased by over 20%. Costs for clay bricks increased by over 12%.
- Overall residential reconstruction costs from August 2024 to November 2024 increased by an average of 2.8% in the U.S. and 0.9% in Canada. Residential reconstruction cost this quarter increased the most in Minnesota, with growth of 3.7%.
- The South has led the nation in 2024 for number of building permit approvals, primarily due to Texas and Florida. Most permits were for single-unit housing.
Learn more about Q4 trends in the full report.
Written by: Insurance Team