Rate declines may be slowing

The SFRI slowed its decent slightly in March, possibly signaling that we may be approaching the bottom of this market decline. Average rates for Standard Construction barely moved from February to March and remain in the $1.20 - $1.30 range. Superior construction declines continued and accounted for the index moving lower. We are seeing larger, superior construction risks binding at less than $0.70 in the TriCounty area.