Innovative Strategies for Accurate Construction Cost Forecasting
March 03, 2025
Applying cost escalation rates to commercial construction projects used to be relatively straightforward, but post-pandemic economic volatility has made estimating more challenging. Such turbulence has led to unprecedented fluctuations in the Consumer Price Index, complicating the task of accurately forecasting cost escalation for future projects. Does the turmoil indicate that recent cost escalations are risking overestimation and are potentially obsolete? A new study in the Journal of Construction Engineering and Management aims to provide cost estimators with advanced techniques to improve their projections.
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