Combatting Inflation with Value Engineering
Price jumps in construction materials aren’t a new phenomenon. There are a multitude of factors that can cause the market to fluctuate. Unfortunately, there has been a continuous trend of rising costs throughout 2024. According to a report in Construction Dive, construction input prices increased 0.4% in March due to inflationary pressures and escalating supply chain issues. In addition, both overall and nonresidential construction costs remain 1.7% higher compared to last year.
With prices like softwood lumber jumping 3.2% and copper wire and cable increasing 1.6% in March, those looking to start a construction project may feel it a little more in their wallet. While construction projects are typically relatively expensive, price jumps can hinder the options available within your budget.
One of the best ways to combat inflation is partnering with a commercial construction firm that specializes in value engineering. As described by Investopedia, value engineering is a systematic, organized approach to providing necessary functions in a project at the lowest cost. This is done by the contractor analyzing designed building features and recommending options that can achieve essential functions and enhance results while reducing costs.
At Leon Williams Contractors, our experts have been specializing in value engineering for over two decades. Whether it’s providing an alternative to a certain building material or recommending a more functional design, our experts will provide an honest evaluation of every building solution recommended.
For both renovations and new construction, our experts are dedicated to protecting your investment and providing you with optimal value for your project. Using our two decades of experience, our experts suggest alternatives that maximize the value and efficiency of your building.
If you want to partner with an experienced value engineering contractor, give our Maryville commercial construction experts a call at (865) 982-1734 or contact us online.
