Groundbreaking News – October 2022 Edition

In today’s volatile market, tracking construction project costs can be extremely complicated, highly detailed and acutely nuanced.

From labor shortages to supply chain issues, rising material costs and shipping delays, projects can be easily thrown off schedule and costs can increase unpredictably. Choosing a general contractor with experience managing projects during a variety of different economic markets will help you plan for and mitigate these potential pitfalls. With more than 95 years in the business, we at Peter Schwabe, Inc. have run projects in the best of times and the worst of times, and remain committed to completing projects on time and on budget regardless of supply chain challenges. Our team of highly experienced and disciplined professionals can help guide you to make the best, most informed decisions to keep your project moving forward.

Below are a few helpful suggestions to track your construction project costs more effectively in this market:

Understand pricing complexities
In an uncertain market, prices can increase across the board for a variety of reasons. Pay special attention to products and materials demands and shortages, global marketplace factors and stability, natural disasters and correlating rebuilding requirements, custom products or materials needs, weather, delivery issues and rush orders. Keeping on top of these potential issues can help you avoid unwanted surprises and minimize unforeseen costs.

Strategize resources
Given today’s construction market climate, it is imperative you plan ahead to ensure you will have the necessary resources and labor available to you in order to execute project deliverables on time and on budget. Contractors and subcontractors are busier than ever right now. Be clear and transparent about your expectations and goals.

Keep an eye on budget
Your project manager will be closely watching your project’s budget, but you should, too. Revisit and update your budget often to ensure expectations are in line with the ever-changing market conditions.

Be flexible
If you enter your project with an open mind to change, you will be most likely to achieve your project goals. Prioritize what is most important to you, and allow yourself – and your project manager – some flexibility for alternatives in other areas. For example, swapping your first-choice in flooring materials for something that is nearly as nice – but immediately available! – could mean saving weeks on your projection schedule.

Consider a design-build approach
Consider a design-build approach for your project. Under this model, your general contractor will have single-source responsibility for the success of the project. Your GC will lead your team and ensure everyone shares your goals and works tirelessly to achieve them. Ultimately, this clear direction saves time and money, and allows for more flexibility and creativity within your project scope.

At Peter Schwabe, Inc., our design-build process streamlines project delivery through a single contract between you – the owner – and our team. We are accountable as your single source of responsibility for the entire project, start to completion.

For more information on how Peter Schwabe, Inc. can help with your next construction project, contact Michael Gilbert, Director of Business Development, at 262-352-9786 or mgilbert@pschwabe.com. We are here to guide you step by step throughout the process. We work with you to understand the unique aspects of your business that factor into your project, timeline needs, and what your space needs to achieve.