Gordian, a leader in facility and construction cost data, software and expertise, has announced the immediate availability of 2021 RSMeans data.
The RSMeans data is the most defendable and trustworthy construction cost data set in North America. Over its 80-year history, RSMeans data from Gordian has established a reputation as the construction industry’s standard for material, equipment and labor costs. The comprehensive database contains more than 92,000 line items, and cost engineers spend more than 22,000 hours researching and validating the costs every year. A wide range of engineers, architects, estimators, contractors and facility owners depend on the data to precisely project and control the cost of both new building construction and renovation projects.
Construction Cost Data And COVID-19
In the past 12 months, more than 90% of all material costs, equipment prices, and labor wage rates have experienced a change. Increases have occurred in 82% of equipment prices and 98% of labor wages. Some specific material costs have increased greater than 50% over 2020 prices and continue to fluctuate dramatically from quarter to quarter.
In addition to the latest material, equipment, and labor prices, new biohazard remediation line items and infectious disease precaution line item costs and modifiers have been added to 2021 RSMeans data in response to the COVID-19 pandemic.
“Anyone estimating the cost of construction work in 2021 is affected by significant cost changes,” says Noam Reininger, chief product officer and general manager of Federal Solutions at Gordian. “If you don’t have updated cost data, you run the risk of under-budgeting a project or submitting a potentially unprofitable bid. Those estimating work where infectious disease precautions will be applied are particularly impacted.”
RSMeans data from Gordian shows that infectious disease precautions can decrease productivity by up to 10% thereby increasing labor costs on job sites with especially restrictive COVID requirements, such as healthcare facilities and school buildings. Many of these job sites now require temporary barriers, daily temperature checks, additional equipment and environmental cleaning protocols and supplies, and behavioral modifications like more frequent hand washing or the donning and doffing of PPE. Owners, contractors, and estimators must properly account for these new costs or their projects will be in jeopardy of cost over-runs and/or profit losses.
“The 2021 updates to RSMeans data contain the details of significant cost changes and provides insight into the potential impact of these changes on your business,” Reininger adds. “Gordian is committed to helping our clients plan, budget, and complete construction work. By providing the industry with the most up-to-date construction cost data, we help you build a solid foundation for the successful execution of these tasks.”
The 2021 cost information is available in books, CD and cloud-based estimating software, RSMeans Data Online. RSMeans Data Online is built with robust tools and specialized features, like square foot estimating, predictive data and team productivity enhancements. This solution is available in three tiers designed to meet individual needs and provides automatic quarterly updates to key materials and location factors.
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