No relief on horizon as prices keep rising.For the second consecutive year an overwhelming majority (91%) of public owners have experienced a price increase in construction project bidding according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a new study by PinnacleOne, one of the nation's leading construction consulting firms Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee consulting company business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a . The average price increase for the 166 owners interviewed was 16.1%, approximately four times the rate of inflation and almost three percent greater than last year's rate of escalation es·ca·late v. es·ca·lat·ed, es·ca·lat·ing, es·ca·lates v.tr. To increase, enlarge, or intensify: escalated the hostilities in the Persian Gulf. v.intr. (13.2%). A majority (56%) of the owners reported average price increases of more than 10%, with better than a third (36%) experiencing an average increase over 15 percent and almost a fifth of respondents In the context of marketing research, a representative sample drawn from a larger population of people from whom information is collected and used to develop or confirm marketing strategy. (17%) saw their average bid price jump by more than 20 percent. Looking forward, the vast majority (93%) of owners see this inflationary in·fla·tion·ar·y adj. Of, associated with, or tending to cause inflation: inflationary prices; inflationary policies. Adj. 1. trend continuing in the coming year. "A relatively high proportion of owners--more than one in three--report delaying or terminating construction projects due to cost increases," said Pat Yashar, director of cost management services at PinnacleOne. "Given the on-going oil crisis, and the anticipated impact of the pending reconstruction of the Gulf Coast states, the coming year doesn't hold much promise of price relief for the owners." |
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