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Budget estimate for financing; Budgeted cost after contracting but prior to construction; Estimated cost to completion during the progress of construction. Construction cost estimating is the process of forecasting the cost of building a physical structure.We've compiled a brief rundown of common construction costs and created a construction cost estimating checklist you can use for your next project. Construction estimating is the process of predicting all costs associated with carrying out a project from start to finish. Step 1 Take a sample item and calculate your total labor costs and material costs separately. The following analysis estimates the cost to build a Courthouse, 2-3 Story using US National Average costs from 2019 RSMeans cost data. Step 1 Take a sample item and calculate your total labor costs and material costs separately. There are five main types of construction cost estimates: preliminary, detailed, quantity, bid, and control. After analyzing the scope of a project, calculate the number of labor hours required to complete the job. A general contractor or trade contractor will develop estimates to determine their bid or budget values for a project.
