Is now a bad time to build?
Is now a bad time to build?
Construction prices are often volatile and at the mercy of broader economic conditions. Since Covid costs have increased approximately 40%, primarily due to supply chain disruptions, skilled labour shortages, and high demand. However, even in stable economic times, construction costs will, on average, continue to rise alongside inflation and consumer price indices.
So what do you do? Make a plan today that accounts for tomorrow. I will help you build cost escalation factors and contingencies into the budget early on. Even if your project has a long timeline, we can prepare for the road ahead. It’s never too early to start thinking and planning your next steps.
There are a few ways to check costs as a project develops, and they work best in combination. I use construction database software for broad budgets at concept stage. As the design firms up, quantity surveyors — independent cost consultants — and builders can price it directly. I recommend re-budgeting at each stage so you always know where you stand.