Walking Deck & Balcony Waterproofing Cost by Project Type
Realistic per-square-foot and per-project ranges for five common walking-deck and balcony waterproofing scenarios, with separate guidance for owners and contractors
Last updated: April 22, 2026
Overview
Walking-deck and balcony waterproofing costs vary more by project type than by product. A 60 sqft SB 721 balcony re-waterproofing bid and a 2,000 sqft commercial podium deck use similar chemistries but have almost nothing else in common. Mobilization, access, warranty tier, code path, and labor all move independently. This guide breaks the five most common project types into their own cost frames so owners can tell whether a bid is realistic and contractors can see where their job actually sits in the market.
For system-type education (non-floating vs floating, cementitious-acrylic vs liquid-applied vs sheet membrane), start with the Deck Waterproofing Guide. For chemistry comparisons, see Deck Coating Options.
A note on ranges. Every number below is a public-source range for 2025–2026, not a quote. Regional labor, prevailing-wage rules, substrate condition, access, and warranty tier can push a real bid outside any published range. Use these ranges to sanity-check bids, not to replace them.
How to Read a Deck-Waterproofing Bid
Before you can tell whether $42/sqft is a fair price or a markup, you need to know what is and is not included. Four definitions determine how to compare two bids side by side.
Materials vs labor vs installed cost
- Materials-only: the price of membrane, coating, primer, fabric, lath, and fasteners shipped to the jobsite. Typically quoted per sq ft or per gallon-with-coverage-rate.
- Labor-only: contractor time for prep, application, fabric embedment, cure monitoring, and QA. On most field-applied walking-deck jobs, labor runs 40–60% of the installed cost.
- Installed cost (total): materials + labor + overhead + profit + mobilization. This is what shows up on a bid line. A $42/sqft "installed" line already bakes in markup.
- Unit-priced vs lump-sum: small jobs (one balcony) are often lump-sum because mobilization dominates. Larger jobs are unit-priced at $/sqft so scope changes can be measured.
Per-square-foot vs per-balcony pricing
Per-sqft pricing assumes the walking surface area. It already includes the vertical flashing leg up the wall and around the perimeter. It does not double-count that square footage. Balcony jobs often quote per-balcony instead because mobilization, containment, and lift setup dominate on small (50–80 sqft) decks. On jobs under roughly 40 balconies, per-balcony numbers usually track real cost better than per-sqft.
- Per-sqft: best for large, contiguous podium decks, roof decks, and parking structures
- Per-balcony: best for small multifamily repair work (SB 721 / SB 326) where each balcony has its own access, containment, and setup cost
- Hybrid: some contractors quote a mobilization line + per-sqft. Cleaner to compare than a bare lump sum.
Hard costs vs soft costs
- Hard costs: materials, labor, equipment, mobilization, disposal, scaffolding, containment. Paid to the trade performing the work.
- Soft costs: design, engineering, permits, inspector fees, reserve-study updates, legal, contingency. Typically 10–25% of hard costs on a repair job; higher on new construction.
- Watch for: permit and inspection fees omitted from a balcony repair bid (usually $500–$3,000 per property); reserve-study update that SB 326 projects often have to fund separately.
What should be on every line-item bid
- ESR number for the named waterproofing assembly (for decks over occupied space)
- Named system components (primer, base coat, reinforcement fabric, intermediate coat, topcoat), not just "deck coating"
- Substrate prep scope (grinding, crack chase, fastener re-set, moisture testing)
- Flashing scope at wall-to-deck transitions, drains, posts, door thresholds
- Mil-thickness verification method (wet-film gauge readings recorded in the job log)
- Warranty tier: maintenance (5 yr), system (10 yr), or manufacturer-backed (15+ yr)
- Access and containment: lift, scaffolding, tenant relocation if applicable
See Deck Waterproofing Guide § Verify Code Compliance for how to cross-check an ESR against your substrate and use case.
Fast Cost by Project Type
High-level ranges for the five project types covered below. Each row links to a detailed breakdown with owner and contractor guidance.
| Project Type | Typical Range (Installed) | Primary Cost Driver | Code Path |
|---|---|---|---|
| Fire rebuild (single-family, CA WUI) | $350–$700/sqft total rebuild; +$1,850 deck-specific WUI premium | Chapter 7A / CWUIC compliance, Class A assembly | CBC Ch 7A → CWUIC Part 7, AC39 |
| SB 721 / SB 326 balcony repair | $36–$200/sqft, 4-tier scope ladder; $1,500–$30,000+ per balcony | Scope discovered on opening (framing vs resurface) | HSC § 17973 / Civil Code § 5551, AC39 |
| ADU / residential deck addition | $200–$450/sqft ADU total; $3–$12/sqft waterproofing component | Whole-project cost; waterproofing is a small line | Local code; AC39 if over occupied space |
| Commercial podium / plaza | $4–$10/sqft new (waterproofing layer); $25–$40/sqft replacement | Access, tenant impact, warranty tier | AC39 for pedestrian walking-deck portions |
| Parking structure / vehicular deck | $35–$50/sqft replacement (traffic coating) | Concrete prep (ICRI CSP), traffic-bearing PU thickness | Vehicular traffic coating (07 18 16) |
Fire Rebuild (Single-Family, California WUI)
California fire-rebuild projects on single-family homes in a Fire Hazard Severity Zone (FHSZ) carry a whole-project construction cost of roughly $350–$700/sqft in the 2025–2026 Los Angeles market, with high-end custom work pushing $700/sqft+. On top of the base rebuild, the deck has to satisfy CBC Chapter 7A (relocating to CWUIC Part 7 under the 2025 code cycle), which adds a documented premium.
WUI compliance premium on the deck
- Full Chapter 7A / CWUIC Part 7 compliance adds ~$13,000 site-wide over traditional construction (Headwaters Economics / IBHS 2022 study)
- Wildfire-resistant deck specifically: +$1,850 (+19%) over a typical non-WUI deck at baseline "required" tier
- "Enhanced" WUI deck tier: +$2,800 additional in both NorCal and SoCal
- "Optimum" WUI deck tier: +$18,200 NorCal / +$27,100 SoCal
- Full WUI upgrade package (home + deck + envelope) on LA rebuilds: typically $30,000–$80,000+ depending on size and design
Source: Headwaters Economics: Wildfire-Resistant Costs (California). The 2022 Headwaters/IBHS numbers are the most widely-cited primary source for WUI construction cost deltas; a 2025 refresh may not be available at the time you read this.
Why the deck premium is not just the coating
- Walking surface must satisfy SFM 12-7A-4 / ASTM E2632 / E2726: an AC39-evaluated assembly with documented Class A fire performance on the substrate you're building on
- Underside protection (CBC § 707A.8 / 707A.9) may require ignition-resistant soffit or non-combustible framing detailing
- If the deck is also a roof over occupied space, § 705A Class A roof assembly applies on top of § 709A walking-surface rules. Two tests, not one.
- 10-foot rule: if the deck is within 10 ft of the primary structure or another deck, § 709A triggers fully; outside 10 ft the walking-surface rule relaxes, but under-floor rules can still apply
If you're the owner
Your contractor's deck line on a CA WUI rebuild should look higher than a non-WUI deck. Ask for the ESR number of the waterproofing/walking-surface assembly, and verify it documents Class A performance over your substrate (plywood thickness, slope, span). A standard deck coating quote with no Chapter 7A / CWUIC line is a red flag. Budget: add $1,850 at minimum for the deck beyond the base rebuild; go up if spec calls for "enhanced" or "optimum" tier.
If you're the contractor
Non-floating cementitious-acrylic assemblies evaluated to AC39 with Class A rating are the most common code-path spec for WUI single-family decks (see Deck Flex W.M. under AC39, ESR-3672). Bid the metal lath, cementitious underlayment, fiberglass fabric, and multi-coat stack as a complete assembly. A topcoat-only substitution voids the ESR and the permit. Mobilize ember-resistant detailing at soffit and post bases; call those lines out separately.
SB 721 / SB 326 Balcony Repair (Multifamily)
California SB 721 (HSC § 17973) and SB 326 (Civil Code § 5551) repair work is the most variable project type in this guide. The cost per balcony depends almost entirely on what the crew finds when they open the assembly. A sound substrate with tired topcoat is a different job than rotted framing at the wall-to-deck connection.
Inspection cost (before repair)
- Visual per Exterior Elevated Element (EEE): $300–$500
- Full property (typical multifamily): $1,500–$5,000+
- Invasive / destructive per element (endoscope or cut-back): up to $3,000
SB 326 (condos/HOAs) requires the inspector to sample at least 15% of each type of EEE. SB 721 (apartments 3+ units) does not set a minimum sample percentage; scope is set by the inspector.
4-tier scope ladder (per-sqft, walking surface)
| Scope | Per-sqft Range | What's Included |
|---|---|---|
| Tier 1: New waterproof system, sound substrate | $36–$42/sqft | Strip existing, AC39-evaluated assembly, minor flashing touch-up |
| Tier 2: Waterproofing + flashing replacement | $50–$60/sqft | Strip, re-flash wall-to-deck and drain details, new AC39 assembly |
| Tier 3: Subfloor + flashing + waterproofing | $75–$80/sqft | Replace damaged plywood/subfloor, re-flash, new AC39 assembly |
| Tier 4: Structural + engineered repair | $120–$200/sqft | Framing replacement/reinforcement, engineer sign-off, full rebuild |
Source: Bay Cities Construction balcony waterproofing cost breakdown (single trade-publication source; treat as indicative rather than census-level). On a 50-unit building with 45 balconies at 60 sqft each, a Tier 1 scope totals roughly $97K–$113K; Tier 4 on the same footprint runs $324K–$540K.
Per-unit repair ranges by scope type
| Scope | Range per Unit |
|---|---|
| Waterproofing & resurfacing only | $1,500–$5,000 |
| Railing repair/replacement | $1,000–$4,000 |
| Flashing replacement | $500–$2,500 |
| Structural framing repair | $3,000–$15,000+ |
| Full balcony rebuild | $10,000–$30,000+ |
Ancillary costs (often omitted from initial bids)
- Lift or scaffolding: $2,000–$6,000 per mobilization
- Follow-up / post-repair inspection: $1,000–$2,000
- Permits: $500–$3,000 per property (varies by jurisdiction)
- Tenant relocation during work (if habitability impacted): varies widely
- Reserve-study update (SB 326): HOA budget line, confirm with CPA
If you're the owner
Budget in tiers. Assume Tier 2 ($50–$60/sqft) for planning unless destructive inspection has shown a sound substrate. HOAs under SB 326 should line the SB 326 inspection cycle into the reserve study. SB 326 explicitly requires it (Civil Code § 5551). SB 721 apartment owners (3+ units) own both the inspection and the repairs directly. For a typical 60-unit × 45-balcony × 60-sqft property, expect $97K on the low end for a simple re-waterproof and $324K+ if structural repairs are widespread. Non-emergency repair permits must be applied for within 120 days of the report under HSC § 17973(h)(2).
If you're the contractor
Bid the waterproofing tier based on what the destructive inspection actually showed, not on hope. A Tier 1 quote on a property that turns up Tier 3 framing damage at 30% opening is the fastest path to an argument. On small-balcony work, per-balcony pricing tracks reality better than per-sqft because lift/scaffolding mobilization dominates at 50–80 sqft. Specify the AC39 assembly by ESR and component list; owner expectation should be a named AC39 system (non-floating, bonded, Class A or B per spec), not a generic "elastomeric deck coating." Warranty tier is a real price lever. Call out 5 yr maintenance vs 10 yr system vs 15 yr manufacturer-backed.
ADU / Residential Deck Addition
Accessory dwelling units and residential deck additions fit at the low-stakes end of the walking-deck market. The waterproofing line is typically a small fraction of a much larger whole-project budget. Full ADU construction costs in California run $200–$450/sqft statewide in 2025–2026, with some high-end projects reaching $600/sqft. Within that, the deck-waterproofing component is usually $3–$12/sqft of walking surface.
ADU whole-project regional ranges
- Statewide: $200–$450/sqft, with high-end custom reaching $600/sqft
- Bay Area: $150–$450/sqft
- Los Angeles: $300–$400/sqft
- Sacramento: $250–$350/sqft
Deck-waterproofing component (reported range)
The residential deck-waterproofing line below is a reported trade-aggregator range, not a primary-source census. Use it to sanity-check a bid, not as a quote.
- Sealants and light acrylic coatings: $1.50–$3.00/sqft (decorative / water-resistant, not true waterproofing)
- Sheet membrane systems (floating): $6.00–$12.00/sqft installed
- Combined deck waterproofing typical: $3–$12/sqft, labor 40–60% of total
- Non-floating AC39-evaluated systems (bonded cementitious-acrylic or liquid-applied elastomeric) sit in the upper portion of this range when specified
When AC39 is required on a residential deck
- Required: deck over occupied space (balcony over a unit, roof deck over garage/ADU, walkway over storage)
- Usually not required: ground-level residential deck with no space below (AC39 does not apply; local permit may still require a permit and flashing detail)
- Always: in a Fire Hazard Severity Zone, Chapter 7A / CWUIC walking-surface rules apply regardless of occupancy below (see § Fire Rebuild)
If you're the owner
For an ADU deck, expect the waterproofing line to be a small fraction of total project cost, often under 5%. Focus budget questions on the ADU structure and finishes; don't let the waterproofing scope get value-engineered down to a sealant if the deck is over occupied space. Confirm whether your lot is in a FHSZ. That moves the deck into the fire rebuild cost frame even on new construction.
If you're the contractor
Residential ADU decks are often spec'd loosely ("waterproof the deck"). Pin down early: is it over occupied space? FHSZ? Sloped to drain? Those three answers decide whether you're bidding a $2/sqft acrylic sealer or a $10/sqft AC39 non-floating assembly with flashing. Ground-level residential decks can legitimately skip AC39, but protecting the framing with joist tape or sealer is cheap insurance. See Deck Joist Protection Guide.
Commercial Podium / Plaza Deck
Podium decks sit above parking, retail, or amenity spaces on multifamily, mixed-use, and commercial projects. Scope differs sharply between new construction (the waterproofing layer is one line in a bigger stack) and replacement work (the waterproofing replacement IS the project).
New construction cost stack (multifamily developer reference)
| Component | $/sqft |
|---|---|
| Type I podium (concrete on steel) | $18–$28 |
| Type III podium (mixed) | $25–$40 |
| Shoring & formwork | $8–$15 |
| Post-tensioning materials + labor | $3–$6 |
| Waterproofing systems (complete) | $4–$10 |
Source: Beacon Concrete 2025 multifamily developer podium deck guide (single trade source; treat as indicative). On new construction, the waterproofing layer is a relatively small fraction of the total podium cost; the structural podium itself and the shoring dominate.
Replacement / re-waterproofing on existing podium deck
- $25–$40/sqft total installed for a complete waterproofing membrane replacement
- Comparison anchors (same source): rooftop non-traffic $15–$25/sqft, balcony $20–$40/sqft, podium $25–$40/sqft, parkade $35–$50/sqft
- Urban-access labor premium can add 15–30% (single trade-aggregator source; hedge on specific jobs)
- Tenant-occupied plaza deck replacement often staggered into phases, which extends timeline and adds mobilization cost per phase
Source: WCP Building Renewal (2025) .
If you're the owner
On new construction, the waterproofing line is small relative to the podium itself. Do not let it get value-engineered into a sealer-only scope. On replacement, the full $25–$40/sqft range is realistic; below $25 on a tenant-occupied plaza deck warrants skepticism (likely skipping prep, flashing replacement, or warranty tier). Ask for warranty tier in writing: 5 yr vs 10 yr vs 15 yr manufacturer-backed has real cost impact.
If you're the contractor
Podium replacement is won on access and phasing, not on coating price. Line out mobilization, containment, and tenant-impact scope clearly. Those are where fixed-price bids go wrong. Most code-path podium walking-deck portions over occupied space are AC39 territory; spec the assembly by ESR and component list, not "equivalent." Vehicular portions of podium decks sit under CSI 07 18 16 (vehicular traffic coating) and follow a different test regime than the pedestrian walking-deck portion.
Parking Structure / Vehicular Traffic Deck
Parking-deck waterproofing is the highest per-sqft category on this list. A vehicular traffic coating has to survive thousands of tire loadings, de-icing salts, oil, and fuel, and is typically a thicker multi-coat polyurethane stack than a pedestrian deck. Replacement cost on a parkade runs $35–$50/sqft installed.
Parkade / vehicular deck replacement
- $35–$50/sqft installed for a complete parkade waterproofing replacement
- Surface prep drives 10-year performance more than any other line. ICRI CSP (Concrete Surface Profile) prep category is specified per manufacturer.
- Moisture testing per ASTM F1869 (calcium chloride) or F2170 (in-situ RH) before primer; trapped moisture drives osmotic blistering
- Top deck vs intermediate deck vs ramp sections may require different systems on the same structure (UV exposure, slope, traffic pattern)
Source: WCP Building Renewal (2025) . WCP groups pedestrian and vehicular parkade performance under a single "parkade" range. On your specific structure, vehicular traffic sections sit at the high end.
Comparison anchors (same source)
| Deck Type | Replacement $/sqft | Driver |
|---|---|---|
| Rooftop (non-traffic) | $15–$25 | No traffic, no Class A typically required |
| Balcony | $20–$40 | Pedestrian + wall-to-deck flashing complexity |
| Podium (pedestrian) | $25–$40 | Pedestrian heavy-traffic, plaza detailing |
| Parkade (vehicular) | $35–$50 | Traffic-bearing PU, thicker multi-coat stack, chemical resistance |
If you're the owner
Parkade waterproofing is expensive because it has to be. A price $15–$20 under the range usually means shortcut prep or a thinner coating spec that will not hit a 10-year service life. Ask for ICRI CSP prep category in writing, moisture testing results, and a pull-off adhesion test (ASTM D7234) on existing concrete before recoat. Skip any of those and you are betting the next repair against the contractor's warranty.
If you're the contractor
Parkade bids are won or lost on surface prep. Specify ICRI CSP category explicitly (CSP 3–5 typical for PU traffic coatings depending on manufacturer). Shot-blast vs grind vs scarify is a price line. Do not swallow it into labor. Run ASTM F1869 or F2170 on the deck before bidding tight and pull-off per ASTM D7234 on any existing coating. Vehicular traffic coating sits under CSI 07 18 16; it has its own test regime separate from the AC39 pedestrian walking-deck path. Warranty tier is a real lever here: 5 yr maintenance vs 10 yr system vs 15 yr manufacturer-backed moves price meaningfully.
Need a firm project quote?
Project-specific pricing on ICC-ES listed non-floating walking deck systems. Typical turnaround: one business day.
or call 714-248-6555 · email partners@usmadesupply.com
California-Specific Adjustments
California projects carry structural cost adjustments that out-of-state comparisons miss. Four categories are worth naming before comparing a bid to a national range.
Prevailing wage
- Applies to public works over $1,000 in California
- Rates are set twice per year (February 22 and August 22) by county and trade classification
- SB 721 / SB 326 balcony repair on private property does NOT trigger prevailing wage
- Publicly-funded housing rehab (HCD, housing authority, federal funds) can trigger prevailing wage or Davis-Bacon
Look up current rates at dir.ca.gov: Prevailing Wage . We do not hardcode wage numbers because they change twice a year.
Permit fees
- Typical waterproofing / balcony repair permit: $500–$3,000 per property depending on jurisdiction
- Structural repairs often require engineer stamped drawings: additional $1,500–$5,000 on top of permit
- Emergency repairs (collapse risk) follow a different clock than non-emergency under HSC § 17973(h)(2)
Regional cost index
- LA / Bay Area premium over national average: +10–25% on most trades
- Sacramento / Central Valley: closer to national average
- Urban-access premium on tenant-occupied tight sites: additional 15–30% (single-source industry range; hedge)
- BLS Producer Price Index for "Roofing Contractors, Nonresidential Building Work" (PCU23816X23816X) is the closest public series to track waterproofing specialty trade inflation over time
See BLS Producer Price Index for current data.
Fire Hazard Severity Zone (FHSZ) premium
- If your lot is in a Very High / High FHSZ, Chapter 7A / CWUIC walking-surface rules apply (see § Fire Rebuild above)
- Deck-specific premium documented at +$1,850 to +$27,100 depending on tier (Headwaters Economics / IBHS 2022)
- Look up your lot at the Cal Fire FHSZ viewer before assuming a non-WUI bid is valid
What Moves Cost: Checklist
Five factors explain most of the variance between two bids on the same deck. Walk through them before committing to a number.
Substrate condition and prep
- Concrete: ICRI CSP profile required by the manufacturer. Shot-blast vs grind is real money.
- Plywood: moisture content (typically ≤15% before coating), fastener re-set, edge condition
- Existing coating: pull-off adhesion test (ASTM D7234) determines whether recoat is viable or full strip is required
- Crack chase, crack bridging fabric at construction joints, penetration detailing
System chemistry and assembly
- Non-floating cementitious-acrylic (bonded multi-layer): premium price, Class A capable, 10+ yr warranty tier
- Non-floating liquid-applied elastomeric: mid-range, Class B typical, 5–10 yr warranty
- Floating sheet membrane (SBS, PMMA, PVC, TPO): separate walking surface required on top; appropriate for new construction with pavers/tile
- Traffic coating (PU or PMMA on parkade): thicker stack, chemical-resistant, higher line cost
See the Deck Waterproofing Guide for the floating vs non-floating decision and Deck Coating Options for chemistry comparisons.
Access and mobilization
- Ground-level vs elevated (lift / scaffolding / swing stage)
- Occupied vs vacant unit (tenant coordination, work hours, containment)
- Urban tight-site vs suburban open-site (urban premium reported 15–30%, single-source)
- Phased vs single-mobilization schedule: phases multiply mobilization cost
Fire rating requirement
- Non-WUI decks over occupied space typically specify an AC39 assembly; Class B may be acceptable
- WUI decks (FHSZ) require Class A walking surface under CBC § 709A / CWUIC § 504.7.3
- Decks that are also a roof over occupied space must satisfy § 705A Class A roof rules in addition to walking-surface rules
- Class A assemblies are typically cementitious-acrylic multi-layer (heavier, thicker, higher dead-load implication for existing framing)
Warranty tier
- 5-year maintenance warranty: labor on touch-ups only, lowest bid-line
- 10-year system warranty: full system replacement if it fails within window, mid-range
- 15+-year manufacturer-backed warranty: manufacturer stands behind the installation when an approved applicator installs a full specified assembly; highest bid-line, lowest lifecycle cost
- Inspection and maintenance requirements attach to the warranty. Owners who skip annual inspections can void a 10 or 15 yr warranty.
Frequently Asked Questions
Why does the same deck coating cost $4/sqft on new construction and $30+/sqft on replacement?
On new construction, the coating crew works on a clean, properly-prepped substrate delivered by the GC, with open access and no tenants. On replacement, the same crew has to strip an existing coating, verify moisture, re-flash every transition, and often work around occupied units with containment. The coating material is the same line item; everything around it is not.
Does SB 721 or SB 326 repair trigger California prevailing wage?
Not on private-property repair work. Prevailing wage applies to public works over $1,000 in California. Publicly-funded housing rehab (HCD, housing authority, or federally-funded projects) can trigger prevailing wage or Davis-Bacon, but a standard SB 721 apartment balcony repair or SB 326 HOA-funded repair does not.
My contractor quoted $20/sqft for an SB 721 balcony re-waterproof. Is that realistic?
$20/sqft is below the Tier 1 range ($36–$42/sqft) published by trade sources for a new AC39 waterproofing assembly on a sound substrate. A quote that low usually means one of three things: the substrate was not destructively inspected and Tier 2/3 scope will surface during work, the assembly is not a full AC39-evaluated system (topcoat-only, no reinforcement fabric, no flashing scope), or the warranty is a 1–2 yr labor-only. Ask for the ESR number and the line-item scope.
How do I budget a full HOA-scale SB 326 balcony project?
Start with the inspection cost ($1,500–$5,000+ for the property; invasive per-element up to $3,000 if flagged). Budget the repair itself in tiers: Tier 1 (sound substrate, new waterproofing) at $36–$42/sqft, Tier 2 (add flashing) at $50–$60/sqft, Tier 3 (add subfloor) at $75–$80/sqft, Tier 4 (structural) at $120–$200/sqft. Add ancillary costs: $2,000–$6,000 lift/scaffolding per mobilization, $500–$3,000 permits, $1,000–$2,000 follow-up inspection. SB 326 requires HOAs to line inspection costs into the reserve study.
Should I worry about BLS PPI inflation on my waterproofing bid?
For a project bid this week, no. The bid already reflects current material and labor prices. For multi-year budgeting (an HOA reserve study, a multifamily capital plan), yes. The closest public inflation series is BLS Producer Price Index for Roofing Contractors, Nonresidential Building Work (PCU23816X23816X) . There is no dedicated series for "waterproofing specialty trade contractors." Track the roofing series quarter-over-quarter as the nearest proxy.
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