Top 5 Things That Effect Construction Pricing
Updated: Jun 15, 2022
These factors will overall determine how you need to set up your construction budget. There, unfortunately, is not just one factor that plays a role in how construction pricing is determined. When creating your construction budget, it is important to consider the 5 top factors that effect construction pricing that are listed below!
1. Supply & Demand
Construction pricing is going to vary depending on how much supply and demand there is. There will be increases in pricing when the demand is high and there will be a decrease in price when demand is low.
Backlog is how much construction work is currently planned out for the future. Backlog and pricing will increase when the economy is strong and this creates a buffer that causes a delay in how construction work reacts to economic conditions.
3. Labor Costs
Skilled labor is needed within the construction industry and because of this, there are a lot of costs that are determined by these labor costs.
4. Commodity Pricing
Petroleum-based products (insulation, roofing materials, asphalt) go down when oil prices go down. When there is an increase in steel prices, the cost of metal panels, joists, and pipe also increase.
5. Local Market Disruption
When these local markets do not expand their supply chains and national vendors, their prices will have a huge impact.
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