Report on the Accuracy of Cost Estimates for Capital Projects

The Washington State Joint Legislative Audit and Review Committee (JLARC) issued a 73 page report in late September 2009 publishing their findings on the accuracy of cost estimates for capital projects for ten state agencies. The study looked at projects over $5 million.

The report concluded that "a large majority of capital project cost estimates reviewed meet professional expectations for accuracy," and that the cost estimating practices used by the agencies was consistent with professional standards.

To read the report, click here.

Construction Industry Report

The cost estimating firm Davis Langdon has recently released its 2007 second quarter report on the state of the construction industry. The report, which addresses issues such as price escalation and labor shortages, concludes that escalation will continue to be a concern, but at a reduced level. The report states that material prices are beginning to stabilize and the volatility in strategic materials and commodities, to abate. A copy of their 14 page report may be found at the following website: 2nd Quarter Construction Market Report.