Trends in highway construction costs in Louisiana.
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Trends in highway construction costs in Louisiana.

Filetype[PDF-1.30 MB]


English
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Details:

  • Creators:
    Wilmot, Chester G.
  • Corporate Creators:
    Louisiana State University (Baton Rouge, La.). Department of Civil and Environmental Engineering
  • Corporate Contributors:
    Louisiana Transportation Research Center
  • Subject/TRT Terms:
  • Publication/ Report Number:
    319
  • Resource Type:
    Tech Report
  • Geographical Coverage:
    Louisiana
  • Corporate Publisher:
    Louisiana State University. Department of Civil and Environmental Engieering
  • Abstract:
    The objective of this research was to identify and quantify the factors that influence the price of highway construction in Louisiana. The method of investigation involved a literature review and an analysis of construction price records in Louisiana over the last 15 years.

    The factors that influence construction prices were found to be the inflationary increase in the cost of construction inputs (labor, equipment, and material), characteristics of individual contracts, and the construction environment prevailing at the time of bidding. Contract characteristics found to be significant were contract size, duration, location, and time during the fiscal year in which the contract was let. Contract conditions found to influence contract prices were the total volume of contracts bid, variation in the bid volume, number of plan changes, and introduction of changed contract specifications, standards or practice.

    The most influential factors in determining the cost of construction are the price of labor, equipment, and material. However, changes in contract characteristics and the contract environment also have an impact, causing fluctuations or incremental changes to the price of construction. The most important of these are contract size, duration, and location among the characteristics of individual contracts. Among contract conditions, number of plan changes, and changes to contract specifications, standards, or practice, are the most influential.

    The impact of the factors on the cost of construction has been captured in a model which presents construction costs in terms of a construction price index similar to the Federal Highway Administration’s Federal-Aid Highway Construction Composite Bid Price Index. The model closely reproduces past construction cost records when supplied with either disaggregate (i.e. contract level) or aggregate data. The model was used to predict future construction costs. Forecasts of labor, material and construction equipment costs were used together with the assumption that current contract characteristics and conditions will be maintained in the future. Under these assumptions, the model estimated that construction costs will double between 1998 and 2015 as measured in current dollars.

  • Format:
    PDF
  • Funding:
    LTRC No. 98-13SS
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