International Journal For Multidisciplinary Research

E-ISSN: 2582-2160   •   Impact Factor: 9.24

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Impact of Inflation on Construction Cost Estimation: Strategies to Account for Fluctuating Material Prices

Author(s) Abhiram Reddy Anireddy
Country USA
Abstract Construction industry particularly the field of cost estimation is greatly impacted by inflation. Material costs are rising, supply chain disruptions increase, and labor expenses are growing with this making it increasingly risky to contract that budgets overruns will not occur. In particular, the inflation surge of 2021 to 2023 generated extreme price volatility with key materials like steel, concrete, and lumber, while making it difficult to estimate project costs accurately. This paper analyzes several methods used to compensate for the ill effects of inflation, such as early procurement, bulk buying, flexible budgeting, and the inclusion of escalation clauses in contracts. It also emphasizes the importance of creating and nurturing good supplier relationships and utilizing AI-driven predictive analytics that help identify market trends early enough so that by the time your company reacts to them, the financial impact of the price fluctuation has been minimized. Together they offer a construct for dealing with inflation risks and cost estimations in construction projects.
Keywords Construction Estimation, Inflation, Material Prices, Risk Mitigation, Predictive Analytics, Escalation Clauses
Published In Volume 5, Issue 4, July-August 2023
Published On 2023-08-29
Cite This Impact of Inflation on Construction Cost Estimation: Strategies to Account for Fluctuating Material Prices - Abhiram Reddy Anireddy - IJFMR Volume 5, Issue 4, July-August 2023.
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E-ISSN 2582-2160
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