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Verisk Publishes March 2022 Price List

The March 2022 price list updates for more than 460 regions in the United States and Canada are now available for download.

Lehi, 
Utah
 — Tuesday, March 1, 2022 — 

Pricing research for the March 2022 publication shows that average costs for labor and materials used in claims and remodeling increased in most key pricing components. Since March 2021, the Common Lumber Material Report showed the largest increase of 28.74 percent in Canada and 24.24 percent in the United States. Since our February 2022 publication, the Common Lumber Material report showed the largest increase of 10.36 percent in Canada and 8.49 percent in the United States.

All reported percent changes are based on the averages that have been reported either since the February 2022 price list publication or from March 2021 to March 2022. The information reported here is based on a national average, and it is important to note that actual changes will vary within each pricing market. It is also important to remember that Verisk’s published pricing information is based on recently completed surveys and estimate transactions.

For more information about these trends over a longer period of time, read the Quarterly Pricing Trends or the Annual Property Report.

Lumber Trend

Since March 2021, lumber prices have shown an increase of 24.24 percent in the United States and 28.74 percent in Canada, and over the last month lumber prices have continued to show an upward trend. Sheathing materials have followed a similar trend over the last month, showing an increase of 32.91 percent in the United States and 23.78 percent in Canada since March 2021. As supply and demand for common lumber materials continues to change, Verisk will monitor these changes and make warranted adjustments from focused surveys with suppliers for each monthly price list publication.

Local market conditions

Verisk makes every effort to ensure pricing information contained in this update represents market costs at the time of publication. Since actual market prices can vary and change rapidly, and many factors can affect the cost of a project (including—but not limited to—labor, equipment, and material costs as well as the rates and application of sales tax), we strongly recommend customers monitor their local markets for any such changes and adjust their estimate pricing as deemed appropriate.

Gasoline prices in the U.S. and Canada

Since the February 2022 publication, gasoline prices increased 6.23 percent in the United States and 6.79 percent in Canada. When compared to March 2021, gasoline prices have increased 34.10 percent in the United States and 31.00 percent in Canada.

Because gasoline prices can change rapidly, Verisk recommends users monitor their local costs to determine whether repair or construction costs are affected. For further details, see the U.S. Department of Energy website.

 

 

U.S.

Canada*

 

Feb. 21, 2022

Jan. 24, 2022

Feb. 22, 2022

Jan. 25, 2022

Gasoline National Average

3.530

      3.323

     1.605

     1.503

           

                                                                                   * Canada prices are per liter

Top 200 Items Trend

Since the February 2022 price list publication the Top 200 Items by Total Spend showed an increase of 0.90 percent for Canada and 14.42 percent since March 2021. The United States showed a 0.81 percent increase since the February 2022 publication and an increase of 15.42 percent since March 2021.

The Top 200 Items by Use showed a 0.81 percent increase since the February 2022 publication for Canada and an increase of 10.10 percent since March 2021. The United States showed a 0.99 percent increase since the February 2022 publication and an 11.80 percent increase since March 2021. 

The Top Items by Use represents the items that were the most used in claims coming through our system and the Top Items by Spend represents the items that had the highest total spend.

XactContents pricing update

Since the last price list update, the XactContents pricing team continued to improve the master item list in both the United States and Canada.  They have added Homary as a new vendor in the United States.  

U.S.

Vendors

136

General Quote Items

6,372

Master Item List Items

59,369,175

Retired Items

400,132

Canada

Vendors

44

General Quote Items

6,349

Master Item List Items

788,038

Retired Items

330,838

 

Changes to the March price list

We added new items to the March price lists under the following categories:

  • PLM (Plumbing) - Items added for steam shower/bath generators.
  • RFG (Roofing) - Items added for removing additional layer(s) of felt/underlayment.
  • WTR (Water extraction & remediation) - Items added for tearing out tile countertop.

Customers can view price list modifications on the eService Center. XactAnalysis customers can see this same report by selecting the Price List Changes report in the Industry Trend Reports.

Pricing feedback

Pricing feedback is one of the ways Verisk ensures that the reported cost information reflects actual market prices. Users writing estimates outside program work can return feedback by regularly running the feedback utility within Xactimate, XactRemodel, or XactPRM. Visit our web page for more information about submitting pricing feedback or check out our Xpert Tip on how to submit feedback in Xactimate.

More information

Verisk’s (formerly Xactware) pricing database is the foundation for many of our products. You can download a price list in Xactimate and XactRemodel, or assign a price list in XactPRM.

For more information about managing price lists, click Help in any Verisk product.