Homewyse Improvements and Enhancements - January 2024

Labor Rate and Material Cost Updates

The cost estimating calculators at Homewyse.com now reflect the following changes:

• Labor Rate Increases United States Bureau of Labor reports wages for home construction, remodeling and maintenance professionals have continued to increase over the past 6 months. The increases for basic labor were highest at just over 2%. Increases for skilled trades was lower, averaging 1%.
• Material Unit Cost Changes Overall, material prices after having trended higher through 2022 and the early part of 2023 are stabilizing. Insulation, concrete and manufactured components increased by 1% - 3% and costs for electrical components, lumber and sheet goods have fallen by 2% - 8%.