Current Construction Cost Data Is Essential to Successful Projects

摘要

It is impossible for the data of yesterday to give a reliable vantage point for tomorrow's projects. None of the materials you use for construction projects exist in a vacuum, and chances are high that the supply chains for these materials have experienced dramatic changes in 2020. The implications of using outdated cost data are therefore significant. Doing so means running the risk of under-budgeting construction projects and submitting potentially unprofitable bids. In the past 12 months, more than 90% of all material costs, equipment prices and labor wage rates have all experienced a change. Increases have occurred in 82% of equipment prices and 98% of labor wages. Diving deeper, some key material costs have increased by more than 50% over the course of the year and continue to fluctuate from quarter to quarter.