Construction cost estimating Whether you are a property owner or a contractor, you want to have a clear and accurate forecast of how much a building project will cost and how long it will take before you begin. Still, every construction project has a unique set of variables, from the specifics of the site to the building’s design and how tight the labor market is for carpenters at the time and in the place you need them. Underestimating and overestimating can both have negative consequences. The practice of construction cost estimating answers those questions. Its origins date back to the 18th century with British quantity surveyors. Since then, estimation techniques have grown considerably in sophistication and complexity. In this guide, you’ll get an in-depth look at the basics of construction cost estimating, including how it fits into the construction process, how you compile estimates, and what can cause costs to rise unexpectedly. We will also look at the major types of construction contracts, best practices, pitfalls for estimators, the use of historical data, and estimation software.