2023 Construction Cost Data
Industrial/Commercial Construction Cost Data
Compass International, Inc. is a professional commercial construction cost estimating and consulting firm established in 1992 to provide services to Owners, Financial Institutions, Design Professionals and Construction Organizations.
Compass International services include the publication of eight annual Industrial and Commercial construction cost databases, project and construction management, estimation reviews, audits, and validation services, as well as value engineering, strategic planning, and in-house training for up to 25 mid-senior level staff.
GLOBAL CONSTRUCTION NEWSLETTER
Q3 2023
The Global Construction sector is positioned for a recovery from the last 2 to 3 lackluster years. The Global Construction Industry is resilient and forecast to reach $11 trillion by the year’s end in 2023 and to hit $13 trillion by 2026.
The countries that are seeing increased/enhanced construction activity include Saudi Arabia, China (getting back on track after the COVID-19 shutdowns), India, Vietnam, and some of the smaller SE Asian nations.
Artificial Intelligence (AI) continues to be the new hot topic that construction professionals are talking about. How will AI impact current and future Engineering, Procurement, and Construction (EPC) practices? How it will be implemented/utilized in the construction industry in the near and long term future? Many construction professionals have concerns that in 1 to 5 years it may lead to significant redundancies/downsizing and the decreased need for Project/Construction Managers, Engineers, Planners, Estimators, Quantity Surveyors, and the like. Time will tell.
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This real-world cost data format will help you in your estimating efforts. Check back regularly as we update these every few months!
