2010 Construction Costs Update
By Jennifer A. Kolbasinski
As a benefit to its property coverage members, the TASB Risk Management Fund provides property appraisal services, which utilize the Marshall Swift Boeckh (MSB) Commercial Building Valuation software to determine and update building costs. This data is updated quarterly and includes regional labor and material costs. Each year, prior to your property renewal, building values are refreshed using the most current cost data available.
According to MSB data collected for the first quarter of 2010, for the second quarter in a row all regions in the United States are showing signs that the “hard” costs of construction are largely coming down. Nationally, labor rates are increasing.
A few of the components MSB monitors are listed below:
- Lumber – increased 0.7% for the quarter
- Plywood – decreased 2.6% for the quarter
- Drywall – decreased 3.4% for the quarter
- Asphalt Shingles – increased 2.5% for the quarter
- Felt Roofing Paper – decreased 4.2% for the quarter
- Ready Mix – decreased 1.1% for the quarter
- Copper Pipe – decreased 2.1% for the quarter
- Copper Wire – increased 0.4% for the quarter
- PVC Pipe – decreased 4.7% for the quarter
- Structural Steel – decreased 7.8% for the quarter
- Steel Studs – decreased 5.5% for the quarter
- Steel Deck – decreased 3.1% for the quarter
- Reinforcing Bars – decreased 9.9% for the quarter
Note: This information is only intended to provide a general sense of reconstruction cost trends.
We are here to make your job easier and are happy to help you. If you’d like more information regarding building values, feel free to call Jennifer Kolbasinski at 800.482.7276, ext. 6152.
