With mostly positive numbers across the construction industry, multi-family builders in particular had to dust off their construction cost estimation software in 2013 as spending in the sector grew more than any other at a rate of almost 38 percent over 2012.

construction cost estimation

Construction spending in the U.S. is up by 5.3 percent over last year according to the October numbers in a U.S. Census report released December 2.  This comes as good news as recession era pains are gradually decreasing.  At an annual rate of $908.4 billion (about $7 billion more than projected), the upswing in spending is creating a lot of new opportunities for developers and builders, and with all the new jobs companies will likely be putting their construction cost estimation software to the test.

Check out some of the other interesting statistics in the report…

  • Spending on private construction was at a seasonally adjusted annual rate of $625.7 billion
  • The estimated seasonally adjusted annual rate of public construction spending was $282.7 billion
  • Residential construction was at a seasonally adjusted annual rate of $326.9 (up 17% from 2012)
  • Nonresidential construction was at a seasonally adjusted annual rate of $298.9 billion (down 3.4% from 2012)
  • New multi-family construction was the fasting growing sector at a seasonally adjusted annual rate of $34.5 billion (up 37.8 percent from 2012).
  • Educational construction was at a seasonally adjusted annual rate of $64.0 billion (down 3.7% from 2012)
  • Highway construction was at a seasonally adjusted annual rate of $83.3 billion (up 9.2% from 2012)
  • Power supply construction was the fastest growing type of public construction spending at a seasonally adjusted annual rate of $13.7 billion (up 10.8% from 2012)

As investor confidence builds the further we move away from the recession, there are bound to be more jobs and added business for many construction companies.  If you have been waiting to update or reinvest in technology like construction cost estimation software, now is the time as the trends seem to indicate that 2014 will be a good year for construction.  With software like Microsoft Dynamics NAV, construction companies can manage everything from construction cost estimation, project management, financials, customer service and contract management from a single solution.


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