Accurate construction cost data, coupled with in-house data, can mitigate harmful trends or other external factors to maximize opportunity. It can offer valuable insight into budgets, estimates, and scheduling; it also takes into account political, economic, social, technological, legal, and environmental factors to help reduce risk and create well-informed bids.

Accurate construction cost data further facilitates value engineering and avoiding cost overruns. The value of construction cost data from expert third parties can be seen in every stage of a project’s lifecycle.

Learning Objectives

  • Examine the importance of accurate construction cost data for architects and other construction professionals.
  • Evaluate the market volatility of construction material costs.
  • Learn ways to improve value engineering to align design with budgets.
  • Explain the importance of having access to accurate construction cost data to overcome the real-world challenges of the construction industry.