Project outcomes are driven by myriads of combinations of facility functions and attributes. No cost professional, however esperience, could account for all the drivers. It demands a sophisticated data processing platform. Building CATATLYST has proven the only reliably platform to account for those combinations – or even try.
Before COVID-19 and the ensuing supply chain turbulence – resources like RS Means and Construction Analytics provided helpful cost indexes across space (location) and time. Whole-building cost indices can vary as much as 80% to 90% from low-cost to high-cost regions or metropolitan areas. When getting more granular, locally sourced cost elements like sitework and concrete can vary as 200% to 300%.
As for escalation, construction costs have surged since 2003 as shown below – but mostly across the whole building. Since COVID-19, we’ve experienced wild fluctuations within the cost elements. Some of the more notable include wood products for example in 2020, steel in 2021, and glass in 2022.
We at Building CATALYST are wrapping up rebuilding the attribute portion of our calculation to accommodate market volatility across all these dimensions. We have also added a Time/Space Market Adjustor that enables you to adjust local or anticipated national factors at the whole building or cost element level.
Stay tuned as we expect to release this new feature soon.