Understanding Costs for Effective Policy Making

Effective policy making and development rely on understanding the variations in costs associated with construction projects. To achieve accurate comparisons, the breakdown of costs by component is essential. Utilizing resources like RSMeans, which provides a square foot estimator for construction costs, facilitates the creation of customized building simulations that comply with local building codes. This estimator accounts not only for material costs but also for the expenses related to assembly and installation. Engaging with various stakeholders, including engineers, developers, suppliers, and contractors, enriches data collection by capturing real-world costs. It is crucial to recognize regional differences in building codes, as they impact project specifications across different states and cities. This points to a need for further investigation into how building code disparities contribute to cost differences across urban areas, highlighting an area ripe for additional research.