Happy Wednesday! In this week's Big I Buzz, the FTC non-compete ban is struck down. Plus, a look at the significant year-over-year increase in reconstruction costs.

FTC Ban on Non-Compete Agreements Struck Down

Judge Ada Brown of the U.S. District Court for the Northern District of Texas ruled on Tuesday, August 20 that the Federal Trade Commission (FTC) cannot enforce its ban on noncompete agreements. The court held the Non-compete Rule is unlawful and is set aside. The decision effectively blocks the Non-Compete Rule from going into effect on the previously scheduled date of September 4, 2024. The rule targeted employment agreements that prohibit, penalize or effectively prevent a worker from seeking or accepting work elsewhere or operating a business after leaving a particular job. The rule was partially blocked in July. Read more here.

Reconstruction Costs Accelerated 5.2% Year-Over-Year

Total reconstruction costs in the U.S. rose by 5.2% from July 2023 to July 2024, according to Verisk’s 360Value Quarterly Reconstruction Analysis for Q3. This marks a significant increase over the 4% cost growth from July 2022 to July 2023. Total residential reconstruction costs increased 4.9% between July 2023 to July 2024 when every state saw an increase. New Hampshire had the highest increase at 9.6%, followed by Colorado at 9.1% and Nebraska at 6.4%. Commercial property total reconstruction costs increased by 5.5% during the same period, increasing by at least 3.4% in every state. Again, New Hampshire had the highest increase at 12.4%, followed by Colorado at 11.6% and Massachusetts at 8.9%. Read more here.

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