TheBroker's Desk

Construction Risk & Capital Intelligence
FeaturedLead · The hard market in builder's risk is quietly reshaping how developers…Briefing · 4 new itemsTool of the Week · The True Cost of an Injury Calculator↓ Skim →

The Market Tape

Materials, indices & insurance signals — annotatedView all →
LBR · $/MBF
Lumber Futures
$428 /MBF
↓ 4.2% WoW · ↓ 11.8% YoY
Down meaningfully. If you've got framing scopes bidding in next 60 days, now's the window to lock.
HR · $/MT
Hot-Rolled Steel
$742 /MT
↑ 2.8% WoW · ↑ 8.4% YoY
Tariff-driven. Structural packages coming off hold should assume continued climb through Q3.
CU · $/LB
Copper Spot
$4.18 /lb
↓ 9.1% MoM · ↑ 14.2% YoY
Sharp retrace. MEP sub bids may soften late-Q2, but don't count on it for escalation clauses yet.
ENR · INDEX
ENR Building Cost
13,842 pts
↑ 0.4% MoM · ↑ 3.1% YoY
Sticky. Useful benchmark for escalation language — but labor is driving this more than materials now.
CMBX · BB
CMBS Construction Spread
387 bps
↑ 14 bps WoW
Widening. Construction lenders getting choosier — developer clients should expect covenants to tighten.
BR · RATE
Builder's Risk Index
+22% YoY
Firming
Wood-frame >$40M running hot. Lead time: 60–90 days minimum.
GL · RATE
GL / Trade Contractor
+7% YoY
Firming
Moderating but still climbing. Trade contractors with clean loss history seeing real competition at renewal.
EMR · SCORE
Construction EMR Avg
0.94 avg
flat QoQ
Stable average hides spread widening — best-in-class pulling toward 0.78, laggards at 1.12+.
The Lead

The hard market in builder's risk is quietly reshaping how developers capitalize mid-rise projects.

Rates are up 18–32% year-over-year on wood-frame wrap-ups over $40M, and carriers are walking. The real story isn't premium — it's the three coverage terms that have moved, and what they mean for your construction loan covenants.

The Tools

Proprietary calculators for construction CFOsAll tools →
Tool of the WeekTool 02

The True Cost of an Injury Calculator

Input an injury type and your firm's size. See the full three-year cost: direct medical and indemnity, indirect productivity loss, and the EMR-driven premium impact that compounds long after the case closes.

Cal/OSHA silica enforcement is stepping up on tilt-up and concrete scopes statewide.

Launch Tool →

Insurance Snapshot

Market state · Updated weekly
Builder's RiskWood-frame >$40M increasingly limited to E&S; expect 20%+ rate. Wildfire zones: 6-mo lead.hard
GL / PrimaryModerating. Clean GCs seeing 2–3 carrier quotes; residential wrap exposure still penalized.firming
Excess$25M+ towers increasingly layered; single-carrier capacity scarce over $15M in tougher states.hard
Workers' CompState rate filings continue to firm; verify your jurisdiction's effective date each renewal.firming
ProfessionalDesign-build projects remain rate-sensitive; pure design firms finding real competition again.soft
SuretyCapacity broadly available; underwriter focus has shifted to backlog quality over balance sheet.soft

Legal & Regulatory Snapshot

What moved · Updated weekly
SB-624California prompt-pay amendments under review. Verify current status before publishing.watch
AB-2011Affordable housing streamlining — implementation guidance for mixed-income projects.active
Cal/OSHASilica dust enforcement stepping up on tilt-up and concrete finishing scopes.hard
PrivetteRecent appellate narrowing of hirer immunity — review your delegation-of-safety language.watch
Prevailing WageDIR determinations vary by region; verify effective dates before publishing each issue.active
CSLBSub-licensing audit program — focus on misclassified independent contractors.new