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November 10, 2020

Construction Cost Trend Update - October 2020

Lumber prices soared during the third quarter of 2020, climbing an estimated 250% since bottoming out in April. Overall, lumber pricing is expected to show a 20% increase for the entirety of 2020. While COVID-19 concerns still continue, the construction industry is rebounding but still has a long road to fully recover from the deep recession it experienced.

Catastrophic losses are trending well above normal levels for 2020. This hurricane season has been very active and according to RMS, the 2020 wildfires are likely to cost the insurance industry up to $8 billion.

Download our Construction Cost Trend Updates for October 2020


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