Defined Regions
CoreLogic curates this monthly bulletin of regional construction cost insights, which are reflected in the CoreLogic Claims Pricing database. We combine the current month’s pricing data with four common loss scenarios to create models illustrating market impacts that are applied across nine regions and compared month over month and year over year.
Our experts provide detailed analyses of changes and trends to provide additional insight into key drivers. View our Construction Database Pricing Methodology white paper to gain additional insight into how we populate cost values.
April Pricing Insights
2024 Updates From the CoreLogic Pricing Analysis and Delivery Team
The CoreLogic Pricing Analysis and Delivery Team continues to research labor costs and industry best practices for all construction categories within the Claims Construction Cost Database. To standardize labor trade assignments in the CoreLogic Pricing Database, CoreLogic will continue implementing incremental monthly changes throughout 2024 for each respective trade category.
April database updates will align the “Window” and “Window Screen” categories to the “Exterior Finishes Installer” labor trade and support the “Window” category with further expansion and revisions in Q2 of 2024.
May database updates will include labor trade assignment updates for the following categories: Excavation, Antenna, and Satellite Dishes, Vents, Cleaning Upholstery, Moisture Protection, Cleaning Electrical items, Wall Coverings, Interior Furnishings, Miscellaneous, Metal Structures, Permits & Fees, Paneling & Wood Wall Finishes, Interior Lath & Plaster, Contents Packing, Handling & Storage, Fireplace, Temporary Repairs, Outbuildings, Drywall, Concrete & Asphalt, and Exterior Furnishings.
In addition to standardizing labor trade assignments, the Claims Construction Cost Database will continue to increase subcontractor overhead and material markup allowances across all trades during the first half of 2024, resulting in single-digit upward movement of labor trade rates and material prices. These overhead and material markup allowances reflect escalating costs for subcontractors, such as increased vehicle acquisition and maintenance; real estate expenses; increases in software and other office expenses; and increased jobsite material delivery charges. Customers will notice above-average upward labor rate adjustments to certain markets in the Western region beginning in the April database update.
CoreLogic will update the Construction Pricing Database Methodology white paper in the coming months to reflect additional considerations not previously outlined.
Line-Item Refresh
The April 2024 Pricing Database release will not contain any category refreshes although work is ongoing. The realignment process will continue on a rolling month basis for all categories within the Claims Construction Cost Database. The “Fencing and Interior Lath” and “Plaster” categories will be updated in the May pricing database release. The line-item realignment project is planned to continue through 2024, at which point all categories will be complete.
Fire/Lightning (Large Loss) Insights: 12-Month Trend
In this category, large loss claims are modeled from a typical fire loss where all components of a home’s construction are affected. Losses typically exceed $100,000.
- Pricing for this loss scenario is, on average, 6.4% higher than April 2023. Pricing rose even higher in the Northwest (8%) and the West Central (9%) regions.
- Minimal movement (+/-.5%) has occurred since last month except in the Northwest (2.8%) and the West Central (3%) regions.
- All labor categories in all regions increased above April 2023 pricing. A few of the notable labor changes include electricians, HVAC installers, and plumbers, which all increased 8.6%. Labor rates for carpenters rose by 8.8%.
- Framing and rough carpentry materials have helped offset labor costs with a 15.6% year-over-year decrease.
Wind/Hail (Exterior/Roof) Insights: 12-Month Trend
This category represents losses due to wind and/or hail weather activity. Restoration from this damage requires roof replacement, partial siding replacement, and accompanying accessories.
- The wind/hail scenario pricing rose by 14.4% compared to April 2023. While minimal month-to-month movement occurred in most regions, the Northwest and West Central regions increased by 2.5% and 2.8%, respectively.
| Notable Labor Changes Since March 2024 | Northwest | West Central |
| Siding | 4.5% | 4.7% |
| Roofing | 4.2% | 4.4% |
- Fencing (-11.2%) and siding (-4.5%) materials decreased year over year counterbalancing labor rate increases.
Water (Interior Reconstruction) Insights: 12-Month Trend
Moderately complex losses are modeled for the interior water loss scenario using the bathroom as the origin of loss where a combination of replacement and repair of common household finishes is required.
- Pricing in the Northwest (3.6%) and the West Central (3.8%) regions increased notably since last month. Other regions remained steady. Compared to this time last year, material pricing averages are up 8.6% across all regions with larger gains of 11% occurring in the Northwest and West Central regions.
| Material | Change From March 2023 Pricing |
| Cabinetry | 15.8% |
| Drywall | 8.2% |
| Finished Carpentry / Trim Work | -3.5% |
- Average rates for general laborers and painters increased 10.1% and 8.7%, respectively, year over year. Both labor categories are stable month over month in all regions, except the Northwest and West Central where increases were between 4.7% and 5.8%.
Water Mitigation (Drying) Insights: 12-Month Trend
Typical drying costs for a residential structure include water extraction, removal of wet material, and drying equipment usage.
- The water mitigation scenario has displayed an average year-to-year increase of 8.8% with the Northwest and West Central regions climbing 13% and 15%, respectively.
- Overall, this scenario has showed little overall movement month over month, except for increases in the Northwest (3.1%) and West Central (3.4%).
- These loss scenario increases are fueled by water remediation technician labor rates, which rose 8.8% on average since April 2023. Month over month, labor rates moved upward by 4.5% in the Northwest and 4.9% in the West Central.
About CoreLogic Data Research
CoreLogic develops this report using up-to-date materials and labor costs. CoreLogic’s team of analysts continuously researches hard costs such as labor, material, and equipment, including mark-ups. CoreLogic updates its database every month accordingly.
Our research also covers soft costs, such as taxes and fringe benefits, for reconstruction work performed as part of the insurance industry. CoreLogic monitors demographics and econometric statistics, government indicators, and localization requirements, including market trends from thousands of unique economies throughout the U.S.
Other factors in this process include the following:
- Wage rates for more than 85 union and non-union trades
- Over 100,000 construction data points
- Productivity rates and crew sizes
- Building code requirements and localized cost variables
Additionally, we validate cost data by analyzing field inspection records, contractor estimates, phone surveys, and both partial and complete loss claim information.
Please complete the online form to provide feedback or request information on any items in our construction database. Please contact your sales executive or account manager for additional explanations or questions. A more detailed methodology explanation can be found in our Construction Database Pricing Methodology white paper.
About CoreLogic
CoreLogic is a leading global property information, analytics and data-enabled solutions provider. The company’s combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
NOTE: The building material, labor, and other cost information in this bulletin is generated using research, sources, and methods current as of the date of this bulletin and is intended only to provide an estimated average of reconstruction cost trends in the specified general geographic regions of the United States. This cost information may vary further when adjusting claim values for specific property locations or specific business conditions.
