Gordian’s 2023 RSMeans data reveals more than 82% of material costs have significantly increased over the last 12 months.
Greenville, SC, Dec. 05, 2022 (GLOBE NEWSWIRE) — Gordian, the leading provider of unrivaled insights, robust technology, and expert services for all phases of the building lifecycle, announces the immediate availability of 2023 RSMeans data. During the past 12 months, Gordian has closely monitored more than 55,000 construction materials. Our analysis reports a year-over-year increase in 82.5% of those material costs. Gordian found that the average increase was 19.5% higher than 2021, with some costs continuing to fluctuate dramatically from quarter to quarter. Increases have also occurred in 85.7% of equipment costs, with an average increase of more than 5%, and labor wages have increased an average of 3.4% year over year.
Gordian invested heavily in the following feature improvements to enhance data quality, accuracy and usage:
- People and technology investments to optimize the research process, expanding overall research coverage between 3-5% in each category.
- Data automation and research operations investments to improve the data recency by four to five weeks on average.
- Exception handling and progression alignment investments, resulting in more accurate and predictable estimating capabilities for customers in a volatile market.
“Gordian incorporates new feature enhancements annually to improve data governance practices and expand data algorithms. These are used to best match market conditions, estimation practices and construction procurement needs,” says Chris Gaudreau, Chief Technology Officer at Gordian. “Additionally, our team examines macro-economic conditions to better understand cost shifts. Gordian’s 2023 cost dataset is the most complete and detailed to date — produced and validated by advanced research methods.”
During its 81-year history, RSMeans data from Gordian has established a reputation as the construction industry’s standard for material, equipment and labor costs. The comprehensive database is comprised of 91,000+ unit cost line items, 19,500+ assemblies and 100+ square foot models, backed by a cloud-based data infrastructure and a team of dedicated cost engineers. This team invests more than 30,000 hours each year developing supply chain relationships and researching local market conditions to provide reliable, up-to-date costs in the annual data and quarterly City Cost Index (CCI) updates. A wide range of engineers, architects, estimators, contractors and facility owners depend on the data to estimate the cost of both new building construction and renovation projects.
The 2023 cost information is available in books, CDs and cloud-based estimating software, RSMeans Data Online. RSMeans Data Online is built with robust tools and specialized features, like lifecycle costing, square foot estimating, predictive data, and team productivity capabilities. RSMeans Data Online is available in three tiers designed to meet individual needs and provide automatic quarterly updates to key materials and location factors. Visit rsmeans.com for more information or to purchase 2023 RSMeans data.
Gordian (www.gordian.com) is the leading provider of unrivaled insights, robust technology and expert services for all phases of the building lifecycle. A pioneer of Job Order Contracting, Gordian’s solutions also include proprietary RSMeans data and Facilities Intelligence Solutions. From planning to design, procurement, construction and operations, Gordian’s solutions enable clients to maximize efficiency, optimize cost savings, and increase building quality.
CONTACT: Sarah Walker Gordian 8644518036 [email protected]
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