Verisk recently released its latest 360Value® Quarterly Reconstruction Cost Analysis, which offers an overview of current reconstruction cost trends at the national and state levels for the United State from January 2023 to January 2024.

Total reconstruction costs, including materials and retail labor, increased 4.1% from January 2023 to January 2024. This rise was slow at the onset of the year, jumped in June and August, then slowed again at the close of the year, rising only 0.4% in Q4 2023.

Residential and commercial reconstruction costs increased in all states. Total residential costs increased 4.1% from January 2023 to January 2024. Commercial costs, in total, increased 5.9% from January 2023 to January 2024 and 1.0% from October 2023 to January 2024.

Combined costs for material composites increased 1.4% from January 2023 to January 2024—a major drop from their 7.8% increase the year before, but also a rally following their 0.3% loss from October 2022 to October 2023. Concrete composite saw the greatest increases, growing by 12.2%, while lumber saw a 12.8% drop in costs over the year.

For more insights on this quarter’s performance, read the latest 360Value Quarterly Reconstruction Cost Analysis.