The preference for locally researched construction cost data over RSMeans national average cost data depends on the specific context and project requirements. Both options have their advantages and limitations.
Advantages of Locally Researched Construction Cost Data:
- Accuracy for Specific Region: Locally researched data is likely to be more accurate for a specific region or locality, as it takes into account the unique factors that influence construction costs in that area. This can include local labor rates, material prices, and regulatory requirements.
- Customization for Project Characteristics: Local data allows for a more precise estimation of costs based on the unique characteristics of a project, such as site conditions, climate, and availability of resources.
- Up-to-Date Information: Local data may be more current and reflective of the latest market conditions, as it can be updated more frequently than national averages.
- Understanding Local Market Dynamics: Local researchers may have a better understanding of the dynamics of the local construction market, enabling them to provide more insightful and relevant cost data.
Advantages of RSMeans National Average Cost Data:
- Broad Applicability: RSMeans national average cost data provides a broad overview that can be useful for preliminary cost estimates or projects that do not require a high level of detail. It can be a convenient starting point for cost planning.
- Consistency Across Projects: RSMeans data provides a standardized approach, allowing for consistency across different projects and locations. This can be beneficial for organizations working on projects in various regions.
- Historical Data Trends: RSMeans data may include historical trends and benchmarks, providing a long-term perspective on cost changes over time.
- Accessible and Widely Recognized: RSMeans is a well-known and widely used cost data source, making it easily accessible for many professionals in the construction industry.
In conclusion, the choice between locally researched construction cost data and RSMeans national average cost data depends on the project’s specific requirements, the level of detail needed, and the desired accuracy for the particular region. A combination of both approaches, using local data for detailed estimates and RSMeans for broad benchmarks, may also be a viable strategy in certain situations.
Learn more about objective, locally researched construction cost data.
