Casper featured in ENR Cost Report
Sep 29, 2023
Greg Casper, Director of Estimating at CRB, recently shared his insights with Engineering News-Record (ENR) for the 2023 Q3 Cost Report. The report sheds light on the construction industry’s current landscape, highlighting a notable stabilization in construction costs following years of supply chain disruptions caused by the COVID-19 pandemic.
Construction cost stability
The construction industry, like many others, faced unprecedented challenges during the COVID-19 pandemic. Supply chain disruptions, material shortages, and extended lead times plagued contractors and project managers, causing significant volatility in construction costs.
Casper noted that, despite the continued challenges, the construction industry has experienced a significant reduction in the turbulence that characterized the past few years. Construction costs, on the aggregate, have shown remarkable stability compared to the tumultuous period during the height of the pandemic.
Supply chain issues lessened
One of the key takeaways from ENR’s Q3 2023 Cost Report is the hopeful stabilization of supply chains. While Casper acknowledged that extended lead times persist for certain critical components like switchgear and transformers, the overall supply of many construction commodities appears to have found its footing. This shift towards stability in the supply chain is seen as a positive sign for construction projects moving forward.
Access to ENR’s full report
For a more in-depth understanding of the findings in the Q3 2023 Cost Report, readers can access an excerpt on ENR’s website. However, the complete report is available for download exclusively to ENR subscribers, providing industry professionals with comprehensive insights into the current state of construction costs and trends.
Dive into life sciences or food and beverage details with CRB’s Horizons Report
In addition to the Q3 2023 Cost Report, CRB also publishes a quarterly report known as the Horizons: Market Conditions Report. This report delves into the specific construction conditions and forces affecting the life sciences and food and beverage industries, offering valuable insights for professionals in these sectors. To access the latest edition of the Horizons Report, visit CRB’s Horizons Market Conditions webpage.
As the construction industry continues to adapt and recover from the challenges posed by the pandemic, reports like ENR’s Q3 2023 Cost Report and CRB’s Horizons Report play a crucial role in helping industry stakeholders make informed decisions and navigate the evolving landscape of construction costs and conditions. Stay tuned for more updates as the industry strives to maintain stability and growth in these dynamic times.