Remove Building Performance Measurement Remove Cost Control Remove Estimating
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How to Calculate Labor Cost in Construction the Right Way [Key Formulas and Factors]

Buildern

Ever wrapped up a project only to realize your labor costs ate into your profit more than expected? While managing a small residential remodel or a large-scale commercial build, knowing how to calculate labor cost in construction the right way can mean the difference between hitting your margins and losing money.

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Valid Construction Cost Estimate Creation

Job Order Contracting

Valid construction cost estimate creation is the goal of every professional estimator. The reason is simple, an estimate, by nature, is an approximation. Furthermore, measuring accuracy is impossible as there is no datum. Nonetheless validity of a construction cost estimate is critical to cost management.

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Credible Construction Estimate Core Elements

Job Order Contracting

A credible construction cost estimate is required prior to engaging in procurement. The follow elements are common to a credible construction cost estimate. 2 Timeliness – All cost data must be current. applied to a outdated cost estimate will introduce significant error.

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Barrier breakthroughs: Achieving airtightness in modern construction

Construction Specifier

Photo courtesy Intertek As building codes and standards evolve, the demand for airtight, environmentally friendly building enclosures increases among building owners, insurers, and design professionals. Air barriers are essential for maintaining the integrity and performance of building enclosures.

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Best Practices for Financial Management in Construction Projects

Building Radar

Implementing key strategies for maintaining financial control in construction projects ensures that projects stay on track financially. Understanding what an assistant construction manager does can enhance team efficiency and cost management. It involves careful planning, monitoring, and controlling of financial resources.

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Construction Profit Margin vs. Markup: Guide for Contractors

Buildern

Profit Margin Markup Definition Profit as a percentage of revenue Profit as a percentage of cost Formula (Revenue – Cost) / Revenue 100 (Revenue – Cost) / Cost 100 Focus Bottom-line profitability Pricing based on cost Use Case Reporting, financial analysis Estimating, bidding Main Question How much profit do I keep?

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A new risk landscape is reshaping owner-contractor relationships

Civil + Structural Engineer

Others have pinpointed spiraling labor costs, inflation, and interest rate rises as major risks on the horizon. Traditional design-bid-build models where the burden of risk was principally shouldered by contractors are gradually giving way to more collaborative models where risks and responsibilities are more evenly shared.