A platform for research: civil engineering, architecture and urbanism
A platform for research: civil engineering, architecture and urbanism
Construction cost indices are generally estimated with Laspeyres, Paasche, or Fisher indices that allow changes in the quantities of construction bid items, as well as changes in price to change the cost indices of those items. These cost indices, while useful in forecasting the near-term costs of construction contracts for projects that have been designed and are about to be let, are not good indicators of price inflation in highway construction. This report contains the documentation and supporting technical notes for a statistical model that estimates changes in the price components of the Colorado Construction Cost Index. The model contains two specifications. In the first, the composite construction index is a function of the producer prices of inputs: oil, concrete, steel, labor and equipment. In the second, the composite construction index is a function of the price of oil, wages and nationwide demand for construction services.
Construction cost indices are generally estimated with Laspeyres, Paasche, or Fisher indices that allow changes in the quantities of construction bid items, as well as changes in price to change the cost indices of those items. These cost indices, while useful in forecasting the near-term costs of construction contracts for projects that have been designed and are about to be let, are not good indicators of price inflation in highway construction. This report contains the documentation and supporting technical notes for a statistical model that estimates changes in the price components of the Colorado Construction Cost Index. The model contains two specifications. In the first, the composite construction index is a function of the producer prices of inputs: oil, concrete, steel, labor and equipment. In the second, the composite construction index is a function of the price of oil, wages and nationwide demand for construction services.
Construction Cost Forecast Model: Model Documentation and Technical Notes. Final Report
P. Mills (author)
2013
55 pages
Report
No indication
English
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