3 Reasons to Stay Current on Data
Staying up to date with construction cost data is essential to a successful project. Innacurate data can lead to cost overruns, and cost overruns can lead to more than just a frustrated client. They can shut down a project altogether.
RSMeans appreciates this reality, and in turn goes out of its way to ensure the most precise and upto-date data is available to its customers. Due to this precision, RSMeans data is constantly adjusting in relation to the market. This is significant on many fronts, especially one in particular.
If a customer uses old data sets from years priors, simply put, the data will be outdated and inaccurate in terms of estimating current projects. Getting by, so to speak, on outdated data will simply not suffice.
From the 2015 cost data compared to that of 2016, 69.3% of line items underwent cost changes. Taking this a step further, from 2014 to 2016, 98.8% of line items experienced cost changes.
Accurate bids lead to trusting, long-term relationships. This is why accurate data is so essential. Not all tension and disagreements are avoidable on a construction site. But accurate estimations at the least mitigate unnecessary conflicts and barriers.
RSMeans annually invests 22,000+ hours in exhaustive cost research. The outcome of this effort is comprehensive data pooled from 757 local markets which in turn is validated through sophisticated algorithms. This detailed exactitude and ranging breadth allow for a national-local approach unmatched in the industry.