The True Cost of Using Outdated Data

摘要

Look around any large city in the United States, and you will notice an enormous amount of construction activity. This is nothing new; in fact, it is an eight-year trend. According to a March 2019 report from Statista, construction spending increased from $850 million spent on new buildings in 2011 to $1.3 trillion in 2018. Further increases in 2019 mean we are now at an all-time high. The rise in demand for construction materials has a notable effect on their prices. From 2019 to 2020, 34% of construction material costs changed by 5% or more. Multiply that 5% by the number of times you need a certain material-whether it is a steel beam or a wood plank-and the cost difference adds up quickly.