COST ESCALATION
Covid-related supply chain disruptions, costly material pricing increases and labor shortages have perpetuated hardships on owners, designers, and contractors globally. This has escalated construction costs and has bearing on project delivery and schedule.
Data recently published by the Association of General Contractors has found that more than three-fourths of construction firms have indicated projects are being postponed or canceled due to unavailable materials or cost overruns. Additionally, the data shows prices per unit has doubled, and in some cases quadrupled, driving an already inflated economy soaring to unexpected heights.
The surge in construction services is now compounded with rising material costs, material delays, and labor shortages. This scenario is a challenge for any OPM, Project Manage or construction manager forecasting complicated cost and project delivery. DP3 is expertly adept at navigating these waters, with our internal estimating department, our extensive historical cost and vendor database, and our 30 plus years invested in local, regional and global suppliers and trade contractors.
