Cost Data Collection Overview
Sources of Elemental Cost Research
First, we conduct localized research:
- We collect pricing from local markets including local building supply houses, contractors, periodicals, and union halls.
- We segment data into 2,629 U.S. and 94 Canadian regions and reflect costs at the microeconomic level.
- We consider geographical influences such as seismic zones, frost penetration, high wind, snow loads, and insulation requirements as required by the International residential Code (IRC).
- We conduct site specific research like soft cost adjustments for access, planning, and implementation difficulties typical in island, mountainous, and other areas.
How CoreLogic Collects Material Costs
• A dedicated team collects material costs on 32 common construction materials each month across the US and Canada.
• We track government provided construction material related PPIs (Producer Price Index).
• We use material data feeds to provide costs on thousands of construction materials throughout the US and Canada.
• The construction estimating team collects prices on thousands of construction materials as needed throughout the year.
How CoreLogic Determines Labor Costs
• A dedicated team collects labor rates on 22 trades each month across the US and Canada.
• We track government-provided construction related wage information.
• We consult labor data feeds on wage rates across the US and Canada.
• We leverage private company surveys of construction related wage data.
• The construction estimating team leverages industry contacts to discuss labor dynamics.
How CoreLogic Compiles Equipment Costs
- A dedicated team collects over 1,500 equipment items as needed. We segment data into 2,629 U.S. and 94 Canadian regions and reflect costs at the microeconomic level.
- We research all sizes of equipment. For example, large equipment like cranes and backhoes as well as small equipment like dehumidifiers and heaters.
Additional Considerations (Soft Costs)
We include labor-related soft costs such as subcontractor overhead and profit, workman’s comp, FICA, SUTA, etc.
- Industry standard overhead and profit markups are utilized with modifications made, although infrequently, based on geographical or market demands.
- Modifications to workman’s comp, FICA, SUTA, etc., made on an as-needed basis.
We incorporate professional fees for general contractors, architects, engineers and other project consultants when appropriate.
- Industry standard rates are utilized with modifications made, although infrequently, based on market demands
We include jobsite costs such as portable restrooms, dumpsters, temporary fencing, temporary heat, jobsite trailers, etc.
- Industry standard as a percentage of project cost with modifications made, although infrequently, based on market demands
We include project costs for plan submittal/approval and permitting.
- Industry standard as a percentage of project cost with modifications made, although infrequently, based on market demands