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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 States from April 2023 to April 2024.

Total reconstruction costs, including materials and retail labor, increased by 4.6% from April 2023 to April 2024. This is slightly more than the 4.1% rise described in the first quarter report from January 2023 to 2024, suggesting that reconstruction costs may be starting to normalize following the pandemic.

Residential and commercial reconstruction costs continued to increase in all states. Colorado and New Hampshire had the two highest reconstruction cost increases, both residentially and commercially. Alaska had the lowest increases in both lines of business.

Combined costs for material composites increased 3.2% from April 2023 to April 2024. Labor costs have risen for the last few years, but their growth rate seems to be slowing, as evidenced by the minor increase of 0.9% in Q4 2023, and the even smaller increase in Q1 2024.

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