The cost landscape of construction materials in Q4 2024 has witnessed significant shifts. Lumber prices have seen a notable decrease, with a 6% dip in the U.S. and 5% in Canada since January. On the other hand, carpet, insulation, and clay brick costs have experienced a notable upswing. Single unit housing and the South have emerged as leaders in permit approvals for 2024.

Core Insights from the Research

From January 2024 to October 2024, the cost of lumber has declined by 6% or less. In contrast, carpet costs have surged by over 20%, and clay brick costs have increased by more than 12%. Overall, residential reconstruction costs from August 2024 to November 2024 have shown an average increase of 2.8% in the U.S. and 0.9% in Canada. Minnesota has witnessed the highest growth in residential reconstruction cost this quarter, with a remarkable 3.7% increase.The South has taken the lead in 2024 in terms of the number of building permit approvals, mainly driven by Texas and Florida. The majority of these permits were for single-unit housing.These trends provide valuable insights into the current state of the construction industry and offer a glimpse into the future directions. It is essential for stakeholders in the construction sector to stay updated with such information to make informed decisions.In the full report, one can gain a more comprehensive understanding of the Q4 trends and their implications for the construction market.