Today’s Topics - rsmeans.com...RSMeans data Tim Duggan Gordian Director of Analytics, RSMeans data...

Today’s Topics

Data Overview

Materials and Locations

Industry Update

Presenters

Noam Reininger

Gordian

Chief Data Officer

Geni Medeiros

Gordian

Research Manager, RSMeans data

Tim Duggan

Gordian

Director of Analytics, RSMeans data

Bob Mewis

Gordian

Director of Engineering & Production, RSMeans data

Introduction

Investing in cloud technology

Technology

Increase data and efficiency

Combining Our Data with External Datasets

• For example steel futures

• 1. Makes predictive data better

• 2. Enable more statistical controls for the quality and fidelity of the data we deliver to customers every day

Data Science

Investment in data science and AI

Better data and predict future construction costs

External Datasets

Merge RSMeans data with external datasets

Statistical control, data quality and fidelity

Gordian’s Data Organization

Produces high quality, accurate and local construction cost data

Research Engineering AnalyticsQuality

Assurance & Delivery

Construction Cost Researchers who

source local material, labor and equipment

pricing.

Research

pricing.

Research

Cost Engineers with specialties in civil,

mechanical, electrical, plumbing

Engineering

pricing.

Research

Engineering

Data Scientists responsible for

statistical validation of cost data and

delivery of predictive models.

Analytics

pricing.

Research

Engineering

Data Scientists responsible for

statistical validation of cost data and

delivery of predictive models.

Analytics

Quality Assurance Engineers and

Publishers ensuring data fidelity for books and digital products.

Quality Assurance &

Delivery

500+ years construction experience

Research Engineering AnalyticsQuality

Assurance & Delivery

Construction Data Overview

Unit Cost Line Items

Material Labor Equipment Productivity Unit Cost Line Item

Materials

54,000+ construction materials

Collect wage rates for:

Union Open Shop Residential

Equipment

Add average markups:

Workers compensation

insurance

Home office overhead

Profit

Productivity

How much work can be done?

Collect & evaluate data

Integrate into unit cost

Changes in the Data (EXAMPLE)

Structural Concrete

Site-Cast Concrete

Reinforcement Bars

Concrete

Overall

Structural Panels

Shutters Framing

+2%+4%

+4%+6% -2% -2% 6% -2%

RSMeans data Changes from 2017-18

Construction cost database contains 88,667 Unit Cost Line items

RSMeans data Changes from 2017-18

Changes from 2017-18

Materials and Locations

Reasons for Material Cost Changes

Availability Location Time of year

Biggest Material Cost Changes

Lumber

Some areas experienced a 26% increase year over year

Updating Cost Indexes

Cost Indexes

City Cost Indexes (CCI) Historical Cost Indexes

Cost Indexes

City Cost Indexes (CCI)

• Location factors• Compare one city’s costs

to the national average• Must be used within

current year

Historical Cost Indexes

Cost Indexes

City Cost Indexes (CCI)

• Location factors• Compare one city’s costs

to the national average• Must be used within

current year

Historical Cost Indexes

• Construction cost indexes• Relationship of a city’s

cost to the national average over time

• Shows historical cost trends

Using the Indexes

1. Richmond, VA2. Fargo, ND

3. Elizabeth City, NC

4. Twin Falls, ID

5. Shreveport, LA

6. Sioux Falls, ND

7. Lynchburg, VA

8. Wenatchee, WA

9. Augusta, ME

10. Kittery, ME

Highest Change by City:

1. West Palm Beach, FL

2. Pine Bluff, AR

3. Tyler, TX

4. Youngstown, OH

5. Miami, FL

6. Lakeland, FL

7. McAllen, TX

8. Jackson, MS

9. Tampa, FL

10. Corpus Christi, TX

Lowest Change by City:

Cost Index Factors

• Material prices

• Equipment rental rates

• Diesel fuel costs• Trade wages

Effects of Natural Disasters

Open Shop Wages

Union Wages Overall Project Cost

Industry Update

RSMeans data Models

100+ Square

Foot Models

Healthcare Education Commercial and Retail

State, Local and Federal Government

Office Buildings

and Hotels

Model Year Over Year Comparisons

$0 $10 $20 $30 $40 $50 $60 $70

Retail Store

Office

Nursing Home

Courthouse

College Classroom

Total Cost in Millions

Total Cost 2018 Total Cost 2017

2.82% increase

0.75% increase

2.53% increase

1.92% increase

2.58% increase

1.85% increase

College Classroom - Assembly

College Classroom – MasterFormat ‘95

College Classroom – MasterFormat ‘16

Courthouse - Assembly

Courthouse – MasterFormat ‘95

Hotels - Assembly

Hotels – MasterFormat ‘95

-6% -5% -4% -3% -2% -1% 0% 1% 2% 3% 4% 5% 6%

Site Const.

Concrete

Masonry

Metals

Wood & Plastics

Therm. & Moist. Protection

Doors & Windows

Finishes

Special Const.

Convey. Systems

Mechanical

Electrical

Percent Total Change from '17 to '18

Hotels – MasterFormat ‘16

Nursing Home – Assembly

Nursing Home – MasterFormat Comparisons

MasterFormat 95 MasterFormat 16

-2% 3% 8% 13%

Site Const.

Concrete

Masonry

Metals

Wood & Plastics

Doors & Windows

Finishes

Special Const.

Conveying Systems

Mechanical

Electrical

Percent Total Change from '17 to '18

-2% 0% 2% 4% 6% 8% 10% 12% 14% 16%

Concrete

Masonry

Metals

Wood, Plastics & Comp.

Openings

Finishes

Conveying Equip.

Fire Suppression

Plumbing

Electrical

Elect. Safety & Security

Earthwork

Percent Total Change from '17 to 18

Office – Assembly

Office – MasterFormat 95

Office – MasterFormat 16

Retail – Assembly

Retail – MasterFormat ‘95

Retail – MasterFormat ‘16

Wrap up and Q&A

With additional questions, please contact Mary-Neil Jackson at m.jackson@gordian.com

Today’s Topics - rsmeans.com...RSMeans data Tim Duggan Gordian Director of Analytics, RSMeans data...

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