Quarterly Construction Insights – Q2 2021

Q2 2021, March permit authorizations up 36% year-over-year, lumber costs up 42% year-over-year, and job numbers down 1.2% year-over-year. 

CoreLogic tracks construction cost for commercial, residential and agricultural construction of all types of goods (labor and materials) throughout the United States and Canada. Detail of this quarter’s research include:

• Authorizations for new housing permits continue to rise at 36% YoY in March.
• Labor costs continue to grow faster in the U.S. than in Canada, with many key construction labor costs growing by over 5% YoY.
• Confidence in commercial construction is improving, though still much lower than before pandemic.

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