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Since 1972
Service Beyond Estimation
®
North America’s Construction EconomistVermeulens.com
B o s t o n w T o r o n t o w D a l l a s w D e n v e r w L o s A n g e l e s
Beyond Estimation Market Outlook
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AIA Continuing Education
Vermeulens is a Registered Provider with The American Institute of Architects Continuing Education Systems. Credit earned on completion of this program will be reported to CES Records for AIA members. Certificates of Completion for non-AIA members are available on request.
This program is registered with the AIA/CES for continuing professional education. As such, it does not include content that may be deemed or construed to be an approval or endorsement by the AIA of any material of construction or any method or manner of handling, using, distributing, or dealing in any material or product. Questions related to specific materials, methods, and services will be addressed at the conclusion of this presentation.
N o r t h A m e r i c a ’ s C o n s t r u c ti o n E c o n o m i s t
Service Beyond EstimationService Beyond Estimation
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Beyond Estimation Market Outlook®Learning Objectives
B o s t o n w T o r o n t o w D a l l a s w D e n v e r w L o s A n g e l e s
Cost Reconciliation Tracker Present trends in median trade costs from January 2009 – Current
Macro Economics Understand the Macro Economic impacts on Construction Volume and Cost
Forecast Forecast for Future Construction Costs
Procurement Strategy In light of current market conditions, recommendations on project procurement
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Beyond Estimation Market Outlook®Where We Are…
N o r t h A m e r i c a ’ s C o n s t r u c ti o n E c o n o m i s t
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2000 - Current
5
20002001
20022003
20042005
20062007
20082009
20102011
20122013
20142015
2016120
130
140
150
160
170
180
190
200
210
220
230
240
250
260
270
VCC Construction Cost Index
Construction Cost Trendline (3.1%)
CPI
CPI Trendline (2.7%)
Beyond Estimation Market Outlook®Vermeulens Construction Cost Index
B o s t o n w T o r o n t o w D a l l a s w D e n v e r w L o s A n g e l e s
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Jan-90Jan-92
Jan-94Jan-96
Jan-98Jan-00
Jan-02Jan-04
Jan-06Jan-08
Jan-10Jan-12
Jan-147,500
8,500
9,500
10,500
11,500
12,500
13,500
14,500
15,500
16,500
17,5002.7% Trend Line
GDP
(Bill
ions
)
6
High/Low-4.3%
Low/Current+13.3%
Growth Rate of 2.1% for the last 5 Years
Beyond Estimation Market Outlook®US Real GDP
N o r t h A m e r i c a ’ s C o n s t r u c ti o n E c o n o m i s t
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Code Group VCC CM CM-VCC VCC CM CM-VCC
01 Allowances $1,156,805 $2,422,380 $1,265,575 $2,651,790 $2,672,730 $20,940
02 Site Work $2,636,810 $3,773,428 $1,136,618 $2,918,155 $2,882,279 ($35,876)
03 Concrete $5,840,270 $5,065,081 ($775,190) $5,065,361 $5,065,081 ($280)
04 Masonry $1,547,241 $1,767,385 $220,144 $1,615,526 $1,609,395 ($6,130)
05 Metals $17,945,452 $17,804,383 ($141,069) $15,675,089 $15,577,004 ($98,085)
06 Wood/Plastic $3,172,732 $3,831,671 $658,939 $3,694,276 $3,600,999 ($93,277)
07 Thermal/Moisture Protection $2,903,951 $3,046,873 $142,922 $3,099,398 $3,086,080 ($13,319)
08 Doors/Windows $17,219,666 $15,756,579 ($1,463,087) $15,214,307 $15,299,926 $85,619
09 Finishes $9,635,770 $9,399,224 ($236,546) $10,135,975 $10,137,758 $1,782
10 Specialties $1,335,983 $1,163,012 ($172,971) $1,410,825 $1,418,709 $7,884
11 Equipment $1,127,700 $1,852,358 $724,658 $1,692,000 $1,693,414 $1,414
12 Furnishings $784,846 $302,393 ($482,453) $559,342 $573,596 $14,255
13 Special Construction $300,000 $148,575 ($151,425) $150,000 $148,575 ($1,425)
14 Conveying Systems $4,858,875 $7,212,645 $2,353,770 $5,963,888 $5,993,138 $29,250
15 Mechanical $28,949,381 $35,232,816 $6,283,436 $29,127,187 $29,493,221 $366,034
16 Electrical $15,451,608 $16,700,277 $1,248,669 $16,476,313 $16,451,613 ($24,700)
17 Permits & Fees $19,075,543 $20,452,111 $1,376,568 $20,043,336 $20,051,467 $8,130
18 Contingencies $16,841,472 $14,102,030 ($2,739,443) $15,684,472 $15,697,176 $12,704
19 Enabling $22,704,456 $22,704,458 $2 $22,704,458 $22,704,458 $0
20 Total Construction Costs $173,488,558 $182,737,674 $9,249,116 $173,881,696 $174,156,616 $274,920
Beyond Estimation Market Outlook®Cost Reconciliation Tracker®
B o s t o n w T o r o n t o w D a l l a s w D e n v e r w L o s A n g e l e s
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Beyond Estimation Market Outlook®Cost Reconciliation Tracker®
N o r t h A m e r i c a ’ s C o n s t r u c ti o n E c o n o m i s t
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Typical Institutional Project – Direct Trade Cost
Recession Decline -14.0%2011 +2.0%2012 +4.0%2013 +5.0%2014 +6.0%
Assumes trade-weighted average of individual percentage trade reduction
9
Beyond Estimation Market Outlook®Construction Cost Impact
B o s t o n w T o r o n t o w D a l l a s w D e n v e r w L o s A n g e l e s
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http://www.turnerconstruction.com/cost-index
Recession Decline-13.2%
2011 + 2.1%2012 + 2.6%2013 + 4.7%2014 + 4.4%
2015 +2.3%
-14%
+2.0%
+4.0%+5.0%+6.0%
Beyond Estimation Market Outlook®Turner Construction Cost Index
Turner Construction Cost Index
N o r t h A m e r i c a ’ s C o n s t r u c ti o n E c o n o m i s t
+3.0%
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High Growth Market Adjustment Cost Recovery High Growth0
250
500
750
1000
1250
1500
1750
2000
2250
2500
2750
3000
3250
3500
3750
950675 675 750 750
1150
1075 10501150 1250
1300
1000650
9501300
MarkupLaborMaterial
3,400
2,750
2,375
2,850
3,300
11
Beyond Estimation Market Outlook®Structural Steel Pricing
B o s t o n w T o r o n t o w D a l l a s w D e n v e r w L o s A n g e l e s
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Beyond Estimation Market Outlook®Contingency
Project Contingency and Escalation Recommendations
Design Contingency
Preliminary Design 10% to 15%
Schematic Design 6% to 9%
Design Development 3% to 6%
Contract Documents 0% to 3%
Construction Contingency 3% to 5%
Escalation - based on the Market Outlook and Local index 3 to 9%
Bidding Contingency 0% to 5%
Project Contingency (Owner) 5% - 15%
N o r t h A m e r i c a ’ s C o n s t r u c ti o n E c o n o m i s t
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20002001
20022003
20042005
20062007
20082009
20102011
20122013
20142015
2016100
120
140
160
180
200
220
240
260
280
ENR TURNER VERMEULENS
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Beyond Estimation Market Outlook®What’s Next?
B o s t o n w T o r o n t o w D a l l a s w D e n v e r w L o s A n g e l e s
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20002001
20022003
20042005
20062007
20082009
20102011
20122013
20142015
201680
90
100
110
120
130
140Nominal US Dollar Broad Index
14
-26% +18% -15% +24%
Beyond Estimation Market Outlook®US Dollar Risk Hedge
N o r t h A m e r i c a ’ s C o n s t r u c ti o n E c o n o m i s t
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20002001
20022003
20042005
20062007
20082009
20102011
20122013
20142015
20160
2,000
4,000
6,000
8,000
10,000
12,000NYSE
15
+123% -58% +154%
US Dollar Risk HedgeBeyond Estimation Market Outlook®
B o s t o n w T o r o n t o w D a l l a s w D e n v e r w L o s A n g e l e s
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20002001
20022003
20042005
20062007
20082009
20102011
20122013
20142015
201680
90
100
110
120
130
140
150
160
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
11,000
Beyond Estimation Market Outlook®US Dollar and NYSE
US Dollar and NYSE
N o r t h A m e r i c a ’ s C o n s t r u c ti o n E c o n o m i s t
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20002001
20022003
20042005
20062007
20082009
20102011
20122013
20142015
20160
5
10
15
20
25
30
35
40
45
50Dow Jones Commodity Index
17
+168% -57% +72%
Beyond Estimation Market Outlook®US Dollar Impact on Commodities
B o s t o n w T o r o n t o w D a l l a s w D e n v e r w L o s A n g e l e s
-50%
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20002001
20022003
20042005
20062007
20082009
20102011
20122013
20142015
201680
90
100
110
120
130
140
150
160
0
5
10
15
20
25
30
35
40
45
50
18
Beyond Estimation Market Outlook®US Dollar Impact on Commodities
N o r t h A m e r i c a ’ s C o n s t r u c ti o n E c o n o m i s t
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10,000
10,500
11,000
11,500
12,000
12,500
13,000
13,500
14,000
14,500
15,000
15,500
16,000
16,500
0
2,000
4,000
6,000
8,000
10,000
12,000
GDP (Billions) and NYSE
B o s t o n w T o r o n t o w D a l l a s w D e n v e r w L o s A n g e l e s
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128,000
129,000
130,000
131,000
132,000
133,000
134,000
135,000
136,000
137,000
138,000
139,000
140,000
141,000
142,000
0
2,000
4,000
6,000
8,000
10,000
12,000
8.7 M Jobs 12.2M Jobs
183,0
00 /
mth
215,0
00 /
mth
3.0% G
DP G
rowth
2.2%
GDP
Gro
wth
245,000 / month
Beyond Estimation Market Outlook®US Employment (Thousands) and NYSE
B o s t o n w T o r o n t o w D a l l a s w D e n v e r w L o s A n g e l e s
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20002001
20022003
20042005
20062007
20082009
20102011
20122013
20142015
2016128,000
129,000
130,000
131,000
132,000
133,000
134,000
135,000
136,000
137,000
138,000
139,000
140,000
141,000
142,000
7.0%
9.0%
11.0%
13.0%
15.0%
17.0%
19.0%
BANK ANNOUNCEMENT
21.6 M Jobs 22.4 M Jobs 22.5 M Jobs 21.9M Jobs
Beyond Estimation Market Outlook®US Employment (Thousands) Public vs Private
N o r t h A m e r i c a ’ s C o n s t r u c ti o n E c o n o m i s t
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12/31/85 06/23/91 12/13/96 06/05/02 11/26/07 05/18/13
90,000
95,000
100,000
105,000
110,000
115,000
120,000
125,000
130,000
135,000
140,000
145,000
150,000
90,000
95,000
100,000
105,000
110,000
115,000
120,000
125,000
130,000
135,000
140,000
145,000
150,000
3.7% GDP Growth Rate
Beyond Estimation Market Outlook®US Total Employment (Thousands)
B o s t o n w T o r o n t o w D a l l a s w D e n v e r w L o s A n g e l e s
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01/01/01 09/28/03 06/24/06 03/20/09 12/15/11 09/10/14 06/06/17
100,000
105,000
110,000
115,000
120,000
125,000
130,000
135,000
140,000
145,000
150,000
155,000
160,000
100,000
105,000
110,000
115,000
120,000
125,000
130,000
135,000
140,000
145,000
150,000
155,000
160,000
6.2M
6.2M
245,000 / month
Beyond Estimation Market Outlook®US Total Employment (Thousands)
N o r t h A m e r i c a ’ s C o n s t r u c ti o n E c o n o m i s t
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20112012
20132014
20152016
0
50
100
150
200
250
300
350
400
450
205K AVG
Beyond Estimation Market Outlook®US Total Employment (Thousands)
B o s t o n w T o r o n t o w D a l l a s w D e n v e r w L o s A n g e l e s
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20022003
20042005
20062007
20082009
20102011
20122013
20142015
20160
1
2
3
4
5
6
7
8
9
10
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
Reserve Assets (trillion) Unemployment Rate (%)
Beyond Estimation Market Outlook®Federal Asset Monthly Purchase
N o r t h A m e r i c a ’ s C o n s t r u c ti o n E c o n o m i s t
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Beyond Estimation Market Outlook®US Job Growth
0 2 -Jan -8 7 2 4 -Ju n -9 2 1 5 -D ec-9 7 0 7 -Ju n -0 3 2 7 -N o v-0 8 2 0 -May-1 4
-200
-100
0
100
200
300
400
500
5,000
6 Month Average Job Growth NYSE Vermeulens
B o s t o n w T o r o n t o w D a l l a s w D e n v e r w L o s A n g e l e s
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19861988
19901992
19941996
19982000
20022004
20062008
20102012
20142016
4,000
4,500
5,000
5,500
6,000
6,500
7,000
7,500
8,000
0
50
100
150
200
250
300
High/LowTotal
-8.7M (-6%)
Construction-2.3M (-30%)
Low/CurrentTotal
+12.2M (+9%)
Construction+948K (+18%)
27
Beyond Estimation Market Outlook®US Construction Employment (Thousands)
B o s t o n w T o r o n t o w D a l l a s w D e n v e r w L o s A n g e l e s
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19861987
19881989
19901991
19921993
19941995
19961997
19981999
20002001
20022003
20042005
20062007
20082009
20102011
20122013
20142015
20164,000
4,500
5,000
5,500
6,000
6,500
7,000
7,500
8,000
3.0%
3.5%
4.0%
4.5%
5.0%
5.5%
6.0%
28
Beyond Estimation Market Outlook®Construction Employment and Percent of Total
N o r t h A m e r i c a ’ s C o n s t r u c ti o n E c o n o m i s t
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Beyond Estimation Market Outlook®Construction Labor Utilization Rate
B o s t o n w T o r o n t o w D a l l a s w D e n v e r w L o s A n g e l e s
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Beyond Estimation Market Outlook®Construction Labor Utilization Rate
N o r t h A m e r i c a ’ s C o n s t r u c ti o n E c o n o m i s t
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National(-30% + 18%)
Denver(-27% + 43%)
Houston(-17% + 18%)
Dallas(-21% + 22%)
Boston(-25% + 28%)
31
Beyond Estimation Market Outlook®Regional Construction Labor (Thousands)
140
150
160
170
180
190
200
210
220 Dallas
140
150
160
170
180
190
200
210
220 Houston
60
70
80
90
100
110
120 Boston
60
70
80
90
100
110
120 Denver
B o s t o n w T o r o n t o w D a l l a s w D e n v e r w L o s A n g e l e s
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National(-30% + 18%)
San Jose(-35% + 43%)
New York(-19% + 19%)
Seattle(-38% + 38%)San Francisco(-33% + 32%)
32
Beyond Estimation Market Outlook®Regional Construction Labor (Thousands)
20002001
20022003
20042005
20062007
20082009
20102011
20122013
20142015
2016200
220
240
260
280
300
320
340
360
380
400New York
60
70
80
90
100
110
120
130
140 San Francisco
20002001
20022003
20042005
20062007
20082009
20102011
20122013
20142015
201650
60
70
80
90
100
110
120
130
140 Seattle
20002001
20022003
20042005
20062007
20082009
20102011
20122013
20142015
201620
25
30
35
40
45
50
55
60 San Jose
N o r t h A m e r i c a ’ s C o n s t r u c ti o n E c o n o m i s t
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National(-30% + 18%)
Philadelphia(-25% + 15%)
Portland(-31% + 24%)
Detroit(-42% + 40%)
Baltimore(-21% + 11%)
33
20002001
20022003
20042005
20062007
20082009
20102011
20122013
20142015
2016
20
30
40
50
60
70
80 Portland
Beyond Estimation Market Outlook®Regional Construction Labor (Thousands)
40
50
60
70
80
90
100
110
120 Detroit
20002001
20022003
20042005
20062007
20082009
20102011
20122013
20142015
201650
55
60
65
70
75
80
85
90
95
100 Baltimore
60
70
80
90
100
110
120
130
140 Philadelphia
B o s t o n w T o r o n t o w D a l l a s w D e n v e r w L o s A n g e l e s
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National(-30% + 18%)
Minneapolis(-38% + 33%)
Los Angeles(-35% + 24%)
Washington DC(-27% + 7%)
Atlanta(-38% + 21%)
34
Beyond Estimation Market Outlook®Regional Construction Labor (Thousands)
25
35
45
55
65
75
85
95
105Minneapolis
80
90
100
110
120
130
140
150 Atlanta
20002001
20022003
20042005
20062007
20082009
20102011
20122013
20142015
2016100
110
120
130
140
150
160
170
180
190
200 Washington DC
20002001
20022003
20042005
20062007
20082009
20102011
20122013
20142015
2016150
170
190
210
230
250
270
290
Los Angeles
N o r t h A m e r i c a ’ s C o n s t r u c ti o n E c o n o m i s t
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National(-30% + 18%)
Chicago(-33% + 10%)
San Diego(-42% + 21%)
Miami(-49% + 26%)
Phoenix(-55% + 23%)
35
60
80
100
120
140
160
180
200
220 Phoenix
50
70
90
110
130
150
170
190
Miami
Beyond Estimation Market Outlook®Regional Construction Labor (Thousands)
100
120
140
160
180
200
220
240
Chicago
50
55
60
65
70
75
80
85
90
95
100 San Diego
B o s t o n w T o r o n t o w D a l l a s w D e n v e r w L o s A n g e l e s
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36
5000
5500
6000
6500
7000
7500
8000
0.0
5.0
10.0
15.0
20.0
25.0
30.0
Employment
Unemployment Rate
Beyond Estimation Market Outlook®Construction Employment and Unemployment Rate
N o r t h A m e r i c a ’ s C o n s t r u c ti o n E c o n o m i s t
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High/Low
Total -37%Infra -11%Res -66%Non Res -41%
Low/Current
Total +40%Infra +29%Res +62%Non Res +37%
37
Beyond Estimation Market Outlook®US Construction Volume
Jan-00Jan-01
Jan-02Jan-03
Jan-04Jan-05
Jan-06Jan-07
Jan-08Jan-09
Jan-10Jan-11
Jan-12Jan-13
Jan-14Jan-15
0
250
500
750
1,000
1,250
Put In Place Construction Annualized Billions)Non Residential Residential Infrastructure
B o s t o n w T o r o n t o w D a l l a s w D e n v e r w L o s A n g e l e s
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Jan-93Jan-95
Jan-97Jan-99
Jan-01Jan-03
Jan-05Jan-07
Jan-09Jan-11
Jan-13Jan-15
0.0%0.5%1.0%1.5%2.0%2.5%3.0%3.5%4.0%4.5%5.0%5.5%6.0%6.5%7.0%7.5%8.0%8.5%9.0%
Put In Place Construction (% of GDP)Non Residential Residential Infrastructure
PeakTotal 8.2%Infra 2.0%Res 4.7%Non Res 3.0%
CurrentTotal 6.5%Infra 2.0%Res 2.3%Non Res 2.2%
38
Beyond Estimation Market Outlook®US Construction Volume
N o r t h A m e r i c a ’ s C o n s t r u c ti o n E c o n o m i s t
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20002001
20022003
20042005
20062007
20082009
20102011
20122013
20142015
2016
0 1 -Jan -0 0 3 1 -D ec-0 0 3 1 -D ec-0 1 3 1 -D ec-0 2 3 1 -D ec-0 3 3 0 -D ec-0 4 3 0 -D ec-0 5 3 0 -D ec-0 6 3 0 -D ec-0 7 2 9 -D ec-0 8 2 9 -D ec-0 9 2 9 -D ec-1 0 2 9 -D ec-1 1 2 8 -D ec-1 2 2 8 -D ec-1 3 2 8 -D ec-1 4 2 8 -D ec-1 5
700,000
800,000
900,000
1,000,000
1,100,000
1,200,000
1,300,000
0
2,000
4,000
6,000
8,000
10,000
12,000
39
Beyond Estimation Market Outlook®Construction Volume (Millions) and NYSE
B o s t o n w T o r o n t o w D a l l a s w D e n v e r w L o s A n g e l e s
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40
Indicator Bottom Increase
Equities March 2009 +154%Commodities February 2009 - 14%GDP Q2 2009 2.1% Annual Employment February 2010 12.2MNon Res Volume February 2011 + 37%
Beyond Estimation Market Outlook®Economic Summary
N o r t h A m e r i c a ’ s C o n s t r u c ti o n E c o n o m i s t
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41
Beyond Estimation Market Outlook®Forecast
B o s t o n w T o r o n t o w D a l l a s w D e n v e r w L o s A n g e l e s
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42
2008 Peak to Bottom 2010: - 14.0%Change in 2011: + 2.0%Change in 2012: + 4.0%Change in 2013: + 5.0%Change in 2014: + 6.0%
Low Growth
MarketAverage
+ 5% + 7%2015:
High Growth
Market
+ 10%+ 4% + 6%2016: + 9%
Beyond Estimation Market Outlook®Forecast
+ 3% + 5%2017: + 8%
N o r t h A m e r i c a ’ s C o n s t r u c ti o n E c o n o m i s t
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Jan-03Jan-04
Jan-05Jan-06
Jan-07Jan-08
Jan-09Jan-10
150.0
160.0
170.0
180.0
190.0
200.0
210.0
220.0
230.0
240.0
250.0
43
Fitout Procurement
Core & Shell Procurement
+0.6% +8.5% per year -14.0%
Beyond Estimation Market Outlook®Procurement Strategy BWH
B o s t o n w T o r o n t o w D a l l a s w D e n v e r w L o s A n g e l e s
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44
Recommendations
Change pricing models to reflect higher construction cost escalation at schematic design
Remove MEP & Interiors from Core/Shell package
During a high inflationary market – cost advantage of early packages
Beyond Estimation Market Outlook®Procurement Strategy BWH
N o r t h A m e r i c a ’ s C o n s t r u c ti o n E c o n o m i s t
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45
Jan-03Jan-04
Jan-05Jan-06
Jan-07Jan-08
Jan-09Jan-10
150.0
160.0
170.0
180.0
190.0
200.0
210.0
220.0
230.0
240.0
250.0
Enabling Package (Slurry Wall & Excavation)
100% CD GMP
Early Steel, Elevators and Design Assist Enclosure
+0.6% +8.5% per year -14.0%
Procurement Strategy Dana FarberBeyond Estimation Market Outlook®
B o s t o n w T o r o n t o w D a l l a s w D e n v e r w L o s A n g e l e s
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46
Recommendations
Distinct early packages (no cross pollination)
Detailed concept design options to marry program and budget
Timely decision making at conceptual design – avoid escalation
Use of bidding contingency to mitigate market risk
GMP 100% Documentation = lowest cost
Beyond Estimation Market Outlook®Procurement Strategy Dana Farber
N o r t h A m e r i c a ’ s C o n s t r u c ti o n E c o n o m i s t
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20122013
20142015
20162017
220
Construction Trendline (3.1%)
CPI Trendline (2.7%)
High
Low
Vermeulens Index
47
SD DD CD
Enabling
Structure & Envelope
Interiors & MEP
Concept Design
Beyond Estimation Market Outlook®Procurement Strategy
B o s t o n w T o r o n t o w D a l l a s w D e n v e r w L o s A n g e l e s
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48
When Is CM @ Risk Recommended
Fast track projects • no time for 100% Contract Documents prior to starting
construction
Very busy construction markets CM relationships required to get subcontractors to bid on
your project
Financing requires a GMP in order to proceed
Complicated renovations or additions interfacing with operating facilities
Beyond Estimation Market Outlook®CM @ Risk
N o r t h A m e r i c a ’ s C o n s t r u c ti o n E c o n o m i s t
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49
Beyond Estimation Market Outlook®CM @ Risk
15%
10%
5%
0%
>>>>
1. GMP at DD • 10-15% premium• End costs vary depending on completeness
of documents, relationship of Owner to CM, cost control process
2. GMP at CD • 5-10% premium• Proponents provide estimate of costs and
commit to general requirements and fee
3. Modified Bid • 0-5% premium• Proponents provide GMP based on
completed construction documents
4. Lump-Sum Bid • 6-8 pre-qualified general contractors submit lump-sum bids for complete scope of work
B o s t o n w T o r o n t o w D a l l a s w D e n v e r w L o s A n g e l e s
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50
What Are The Added Costs
Beyond Estimation Market Outlook®CM @ Risk
Construction Contingency 2% to 5%
General Conditions & Requirements 2% to 5%Higher Service LevelHigher Insurance Levels
Fees 0% to 1%
Sub Contractor Selection/Pricing 2% to 5%High Level of Service & QualityHighly QualifiedScope Holds
N o r t h A m e r i c a ’ s C o n s t r u c ti o n E c o n o m i s t
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Strategic Early Procurement Packages
Escalation is extremely variable across the country
Evaluate Delivery Options and GMP Timing
Watch Job Creation for Continued Growth
51
Beyond Estimation Market Outlook®Recommendations
B o s t o n w T o r o n t o w D a l l a s w D e n v e r w L o s A n g e l e s
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Track Record
Project Volume & Benchmarking
Consensus Approach in Reconciliation
Market Outlook
Conceptual Estimating
Trusted Advisor
Beyond Estimation Market Outlook®Why Vermeulens
N o r t h A m e r i c a ’ s C o n s t r u c ti o n E c o n o m i s t
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Beyond Estimation Market Outlook
Service Beyond Estimation
North America’s Construction EconomistsVermeulens.com
B o s t o n w T o r o n t o w D a l l a s w D e n v e r w L o s A n g e l e s
Thank You
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®