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With over 25 years’ experience as a quantity surveyor and cost consultant, Stephen Birchall delves into the value of Independent Cost Reviews in the construction industry.
Despite high levels of demand, 2022 saw many established companies file for insolvency. With rising interest rates, surging inflation, labour shortages, and low unemployment, forecasts indicate that construction activity is likely to expand modestly over the medium term, while facing increased pressure on profit margins.
In the current economic climate, a project team is challenged to deliver projects safely, within budget and on time, in addition to providing value to various stakeholders. To enable a board to make informed and confident decisions, owners and operators require reliable cost estimates that are within the accuracy parameters defined by their governance structures; to be prepared in a robust, transparent and timely manner.
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Inside Construction – Value of Independent Cost Reviews