Greenville, SC, Nov. 02, 2021 (GLOBE NEWSWIRE) -- Gordian, a leader in facility and construction cost data, software and expertise, announces the immediate availability of 2022 RSMeans data. In the past 12 months, more than 93% of all material costs, equipment prices and labor wage rates have experienced a change. Increases have occurred in 71% of equipment prices and 98% of labor wages. 71% of construction material costs have increased, some specific prices rising greater than 50% over 2021 prices and continuing to fluctuate dramatically from quarter to quarter.
Gordian has made substantial resource investments to optimize the research process, leading to a 20% year-over-year increase in price points collected, further improving the accuracy and reliability of the cost data. These ongoing investments and optimized research methodology include:
- An adjustment to how the database reflects drastic cost increases or decreases from quarter to quarter, more closely mirroring the high inflation or market volatility in some construction material costs.
- Improvements in the collection of local costs, resulting in enhanced localization.
- The creation of a new, proprietary algorithm that informs and prioritizes research efforts on the highest value materials, labor and equipment prices. This algorithm enables Gordian to closely examine and prioritize research efforts on the materials that are most frequently used in construction estimates and have historically exhibited the highest price volatility.
“Gordian leverages a strong data governance model, ensuring the highest quality product to best support the construction industry and its stakeholders,” says Chris Gaudreau, Chief Technology Officer at Gordian. “Creating estimates with outdated data is unsustainable and can be harmful to your business’ reputation and your bottom line. And it’s unnecessary. The Gordian 2022 RSMeans data construction cost database is the most complete dataset in RSMeans data’s 80-year history.”
Over its 80-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 85,000+ unit cost line items, 12,000+ assemblies and 100+ square foot models, backed by a cloud-based data infrastructure and a team of dedicated cost engineers. This team spends more than 30,000 hours each year building supply chain relationships and researching local market conditions to provide reliable, up-to-date costs in the annual RSMeans data and Quarterly City Cost Index (CCI) updates. A wide range of engineers, architects, estimators, contractors and facility owners depend on the data to project and estimate the cost of both new building construction and renovation projects.
The 2022 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 square foot estimating, predictive data and team productivity capabilities. RSMeans Data Online is available in three tiers designed to meet individual needs and provides automatic quarterly updates to key materials and location factors. Visit rsmeans.com for more information or to purchase the 2022 RSMeans data.
About Gordian
Gordian (www.gordian.com) is the leader in facility and construction cost data, software and services for all phases of the building lifecycle. A pioneer of Job Order Contracting, Gordian’s solutions also include proprietary RSMeans data and Facility Intelligence Solutions. From planning to design, procurement, construction and operations, Gordian’s solutions help clients maximize efficiency, optimize cost savings and increase building quality.
