Homewyse Improvements and Enhancements - June 2023

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 changed modestly in the past 6 months, with averages across skilled trades increasing between 1.5% - 2.45%.
• Material Unit Cost Changes Overall, material prices are trending higher, by roughly 2% each quarter. Unit prices for many materials including pipe and plumbing fittings, wiring, paint, concrete, and electrical materials increased 2% - 4% in the prior 6 months. Prices of select lumber and sheet goods fell by 8-17%, and insulation products increased nearly 8%.