Construction growth/decline, challenges, cost reduction & future trends.

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  • Build in contingency for exceptional escalations in contracts.
  • Compress the construction schedule whenever possible; “any time saved by compressing the schedule may increase the float to allow for situations that would potentially lead to cost escalation.”
  • Use strategic phased bidding.
  • Pre-purchase materials whenever possible and when a cost escalation is likely.
  • Work “with subs to identify value engineering and alternates when a specified material or practice exposes a construction firm to potential escalation.”

Cost control plans (CCP) “should describe the systems and procedures proposed for estimating, controlling, analyzing, and reporting on the costs of the project, including representative illustrations, flowcharts, examples of standard reports, and reports for proposed deliverables.”

“10 trends defining the construction industry,” also suggests:

  • “3-D printing and off-site construction are emerging as possibly more efficient ways to build.”

Building Information Modeling, used to create digital models “to provide information for planning construction,” “can help contractors save thousands of dollars of unnecessary spending on scaffolding and staging.”

Construction management software is used effectively by most firms for project management.

Construction management software is used effectively by most firms for project management.