BNI Costbooks Approved as a Standard Cost Estimating Resource by FEMA
By: BNi Building News
According to Version 4 of FEMA's Public Assistance and Policy Guide, "When appropriate local data cannot be obtained, FEMA uses industry standard construction cost estimating resources to prepare an estimate against which to evaluate reasonableness of the Applicant's actual costs." BNi Costbooks are then referenced in the Policy Guide as a specific example of one such standard. FEMA's Policy Guide further notes that when using published unit costs from national cost estimating databases such as BNi's, "FEMA confirms that the cost publication is current and prepares the estimate using its CEF (Cost Estimating Format) and the appropriate locality adjustment factor."
The 2023 editions of the eight construction Costbooks published by BNi Building News have just been released, providing the most current estimating data available. The data in these Costbooks is broken out for material, labor and equipment, pursuant to FEMA requirements.
"All data in the 2023 Costbook series has been carefully researched by our team of professionals,"
With the inflation rate at its largest 12-month increase since December 1981 and the Federal Reserve announcing a three-quarters interest rate hike, contractors and owners are faced with unprecedented challenges. Estimates and budgets are being revised on a regular basis to avoid cost overruns caused by a continuing increase in the cost of both materials and labor. Failure to do this could spell disaster, with lower profit margins, cash flow shortfalls, and problematic bids.
Accurate estimates are essential to documenting the cost of projects eligible for reimbursement under the FEMA Public Assistance Program. The 2023 BNi Construction Costbooks provide the up-to-date detailed costs contractors need to secure funding and deliver the job.
The new 2023 BNi Building News Costbooks are available at www.bnibooks.com.