In construction, money is what make the world goes around. Being able to assess how much a project costs and efficiently measure ROI are crucial points before signing a new contract. All along the project, it is also important to follow up advancement and budget.
Construction economists are part of building engineering such as architect or technical teams.
Construction economist role is composed of 3 parts:
- Surveys. To better understand clients' needs and wants, construction economists analyze plans, projects, administrative notes etc. When description is not precise enough, they ask for explanations. More and more they are driven to suggest new material or cheaper techniques.
- Quotes. Construction economists define quantity of material for the projects and estimate total costs (workforce included). They also have a purchaser role. They establish quotations, compare suppliers, negotiate for project managers and finally measure the entire projects price.
- On-field follow-up. Construction economists follow-up the on-field operations from beginning to project end. They manage both products and systems. They also take care of project advancement and compliance with local regulations. Regulatory becomes a very large part of their job. Governments' constraints are tighter than ever and be in compliance is costly and time consuming.