Xactware's 2008 Property Report Released
Xactware's newly released Property Report attributes dramatic increases in construction costs to steep hikes in gas prices even as the economy weakened during 2008.
Released today, Xactware's 2008 Property Report shows rising fuel costs drove up prices throughout the property industry, including building materials, equipment and labor. Petroleum-based products, such as 25-year composition shingles, were hardest hit, but other construction materials experienced price increases as well.
2008 was one of the most unpredictable years with regard to the volatility of fuel costs, said Mike Fulton, Xactware's General Manager of Pricing Data Services. While the overall slowdown in the construction industry may have muted the extent to which rising labor overhead costs were passed along to consumers, the increased cost made it more difficult for contractors to make ends meet.
The report also notes that while gas prices have dropped to lows not seen since 2004, the costs of some building materials have only slightly decreased. Xactware's a company based in Orem, Utah that specializes in property insurance, remodeling and restoration estimating solutions-measures and reports on key indicators of the property industry's health and the impact pricing changes have on material, labor and other building costs. The 2008 Property Report contains information gathered by Xactware's structural pricing research team and its real-time analytical tool XactAnalysis.
The report also includes these key findings:
- A close-up look at the effect of rising fuel costs on building material prices.
- The volume of claims reported to Xactware per month.
- The average claim value by type of loss.
- The rising popularity of green building materials.
- How costs increased for reconstruction in each state.
"A change in one price has a ripple-like effect on construction costs, "Fulton said. "Reviewing the trends from 2008 and prior years in Xactware's Annual Property Report will provide invaluable information for property insurance professionals in planning for the year ahead."
For more information or to order the 2008 Property Report, click here or contact the Xactware sales team at 1-800-424-9228.
Xactware Solutions, Inc. ("Xactware") is a wholly owned subsidiary of ISO 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.
A leading source of information about risk, ISO provides data, analytics, and decision-support services to professionals in many fields, including insurance, finance, real estate, health services, government, human resources, and risk management. Using advanced technologies to collect, analyze, develop, and deliver information, ISO helps customers evaluate and manage risk. The company draws on vast expertise in actuarial science, insurance coverages, fire protection, fraud prevention, catastrophe and weather risk, predictive modeling, data management, economic forecasting, social and technological trends, and many other fields. To meet the needs of diverse clients, ISO employs an experienced staff of business and technical specialists, analysts, and certified professionals. In the United States and around the world, ISO helps customers protect people, property, and financial assets. For more information, visit www.iso.com.