Cost of building materials and construction labour flattens throughout the year, according to report
March 08, 2010 – OREM, Utah – The current recession had far-reaching effects on most costs associated with construction in 2009, according to Xactware�s first-ever, year-end Property Report for Canada.
A leader in property insurance, remodeling, and restoration estimating solutions, Xactware compiles year-end reports that provide insight on major trends in the insurance and construction industries. This year, Xactware has compiled and published its first report for Canada to offer property professionals insight on their local markets. Xactware�s 2009 Property Report for Canada shows that the cost of most building materials, equipment, and labor remained fairly stable, or even decreased, throughout the year.
�The sluggish economy coupled with a downward trending housing market in 2008 may have played key roles in keeping construction costs to nominal increases in 2009,� said Mike Fulton, Xactware�s assistant vice president of Pricing Data Services. �Although construction material continued to increase – sometimes at a higher-than-normal pace – construction labour experienced only slight increases.�
The report also shows that a number of disasters – including tornados in Ontario, windstorms in Alberta, and severe rainstorms in Ottawa and Hamilton – affected the volume and value of claim estimates reported to Xactware in the latter part of 2009.
Xactware�s in-house estimating staff, which has more than 400 combined years experience in construction and estimating, compiled the data contained in the Property Report. Xactware�s staff also tabulated construction material indexes using data gathered from 37 markets throughout Canada to ensure a high degree of reliability in reported rate changes. Xactware is a leader in property insurance, remodeling, and restoration estimating solutions.
�Accurate, comprehensive information is invaluable,� Fulton said. �By reviewing and understanding the trends from 2009, property insurance professionals will be better prepared to plan and make critical decisions for their company in the coming year.�
Other key findings in the 24-page report include:
- a comparative review of how reconstruction costs changed in each province
- the total volume and value of claim estimates reported to Xactware for the year
- the volume of claim estimates reported to Xactware broken down by month
- the average value of claim estimates per month
- the rising popularity of green building material and techniques
For more information about Xactware�s 2009 Property Report for Canada, or to order it, contact the Xactware sales team at 1-800-424-9228.
Xactware Solutions, Inc. (Xactware) is a wholly owned subsidiary of Verisk Analytics specializing in the property insurance, remodeling, and restoration industries. Xactware’s technology tools include software estimating programs for PCs and tablet PCs, as well as powerful online systems for replacement-cost calculations, estimate tracking, and data trending in real time.
For more information about Xactware’s products and services, contact Xactware at 1-800-424-9228 or www.xactware.com.