Per FEMA Version 4 Public Aid and Policy Guide, “If appropriate local data cannot be obtained, FEMA will use industry standard construction cost estimation resources to produce an estimate against which to evaluate the reasonableness of the applicant’s actual cost.” BNi cost books are then referred to in the policy guide as specific example of such a standard. FEMA’s policy guide further states that when using published unit costs from national cost estimation databases such as BNi, “certifies that the cost publication is current and prepares the estimate using its CEF (Cost Estimating Format) and appropriate location adjustment factor.”
The 2023 editions of the eight building cost books published by BNi Building News have just been published and provide the most recent estimate data available. The data in these cost books is itemized by materials, labor, and equipment per FEMA requirements.
“All data in the 2023 Costbook Series has been carefully researched by our team of experts,” said Bill Mahoney, CEO of BNi Building News. “The eight new 2023 BNi Unit Price Costbooks are invaluable in producing detailed estimates.”
With inflation posting its biggest 12-month rise since December 1981 and the Federal Reserve announcing a three-quarters hike in interest rates, contractors and owners face unprecedented challenges. Estimates and budgets are revised regularly to avoid cost overruns caused by continued increases in material and labor costs. Failure to do so can result in disaster with lower margins, lost cash flow, and problematic bids.
Accurate estimates are essential to document the costs of projects…
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