Michimich.com - BNi Building News Announces Updated Cost Escalators to Address Inflation

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VISTA, Calif. - Michimich -- BNi Building News announced today a completely updated cost database covering over 20,000 items, addressing volatile market conditions in the construction industry. The 2023 General Construction Costbook and seven other 2023 BNi Costbooks reflect new pricing, along with Simpl•EST®, DCD's cost modeling database at www.dcd.com.

"All data has been carefully researched by our team of professionals," says Bill Mahoney, CEO of BNi Building News, a Design Cost Data Company. "The eight new 2023 BNi Unit and five Square Foot Costbooks, Simpl•EST® — DCD's online cost estimating app – are invaluable when preparing detailed estimates, bids, "what if" estimates, or calculating the impact of change orders."

With the inflation rate at its largest 12-month increase since December 1981 and the Federal Reserve announcing a three-quarters interest rate hike, contractors and owners are faced with unprecedented challenges. Estimates and budgets are being revised on a regular basis to avoid cost overruns caused by a continuing increase in the cost of both materials and labor. Failure to do this could spell disaster, with lower profit margins, cash flow shortfalls, and problematic bids.

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"Material price increase is in the 25 to 30% range, with some wild surges both upward and now downward," says Mahoney. "Some items are stable and some wildly up; it's really time to watch prices. For example, lumber is down currently from steep increases last year, but it can start its climb back up at any moment. Worldwide, steel is cheap, but transportation bottlenecks are making delivery impossible, and only U.S.-produced steel is available at a much higher price."

The new 2023 Costbooks are available at www.bnibooks.com. Simpl•EST® is available with a subscription at www.dcd.com.

Published since 1958, DCD is the leading source for actual construction cost data. Published bi-monthly, each edition includes completed buildings submitted by architects and contractors for cost modeling. Once published in DCD, all projects reside in Simpl•EST®. Simpl•EST® holds over 2,000 actual projects, cost escalators through 2025 and over 600 regional modifiers.

For more information visit www.dcd.com.