7 Factors Influencing Structural Steel Cost Estimation

February 20, 2024 | Posted at 8:16 am | by eric willson (Follow User)

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If you wish to be adept in Structural Steel Cost Estimation, it is crucial that you examine every cost-impacting factor. Steel is a popular construction material used in every building. In a construction project, steel is used to create:

  • Structural framework,
  • Roofing
  • Cladding
  • Reinforcement of concrete 
  • Mechanical System
  • Fencing 
  • Gates 
  • Frames for doors and windows

It is very durable as it can withstand harsh weather conditions. It is a combination of versatility and strength.

Importance of Accurate Structural Steel Estimation 

Cost estimation is an important part of the construction project. An accurate cost budget can guide the construction process toward a positive outcome. Rebar Estimating Services are becoming increasingly popular day by day. Many people are now hiring cost estimators to create a precise budget for them. SMA Estimating LLC is an infamous estimation agency whose rebar estimation is always on point! The following are the reasons why estimation is important : 

 

  • Better project management 
  • Better decision making
  • Enhanced collaboration and teamwork 
  • Prevention of cost overruns 
  • Decreased chances of time delays 

Factors Impacting Structural Steel Cost Estimation 

1) Size of the Building 

Structural Steel Cost Estimation is impacted by the scale of the building. The larger the size of the construction project, the greater the cost will be. The expenses of material and labour are directly proportional to the size. This is why residential projects tend to be less expensive than commercial or industrial ones. Make sure to calculate the square footage of the building accurately. Cost estimating agencies use advanced technological tools for accurate assessment of size such as drones. 

2) Complexity of the Building 

Some structures of buildings are more complicated than others. There are new and creative architectural designs being introduced day by day. This has made the design of the building more complex. Complex buildings can be harder to deal with as they demand more time. Moreover, there’s a rapid increase in cost as labour expenses increase. 

3) Type of Steel

It is important to keep in mind that the type of steel is going to impact the cost. Material Estimating Services can provide an exact budget for the materials used in construction projects. They perform accurate quantity takeoff and then calculate the cost of each unit price. It not only prevents you from unnecessary expenses of material but also reduces wastage.

Following are the types of steel and their average range of cost.

  • Carbon Steel: $500-$1200 per ton 
  • Chromium Alloy Steel: $900 – $1,400 per ton
  • Nickel Alloy Steel: $1,600 – $2,400 per ton
  • Weathering Steel $1,300 – $1,900 per ton
  • Stainless Steel: $1,600-$4,900
  • Galvanised Steel $900 – $1,500 per ton

4) Market Fluctuations 

The prices can fluctuate over time. So make sure that you are aware of the recent price of the material. If your rate of material and the market rate are different, then it will lead to an inaccurate budget. Keep yourself updated with the recent market trends. Even if you are sure about the prices, there is no harm to double check.

5) Geographical Location

Structural Steel Cost Estimation can vary from place to place. The main reason is that the price of material changes. Some cities and states are cheaper while some are more expensive. This is mainly due to availability and transportation costs. 

6) Building codes

The codes and regulations of the area are also going to impact the construction project. So make sure that you have ample information on building codes so the construction plan goes smoothly.

7) Atmosphere 

The climatic conditions vary from place to place. It has been found that construction in harsher weather tends to cost more. 

8) Completion Time

The time of completion has a direct impact on the cost. The cost of labour depends on the time. The more time a building takes, the higher the labor cost will be. The size and complexity of the building will increase the construction duration. So do make an accurate timeline of the construction project for increased accuracy of cost budget. 

9) Customization and Composition

Structural Steel Cost Estimation can vary depending on customization and composition needs. Equip yourself with knowledge about construction plans. Hold a meeting with the client to ensure that you are on the same page. Gather information about customizations to create precise cost budgets. 

Conclusion

To wrap it up, estimation is not an easy process. It can be mentally exhausting to create a budget for any construction project. Especially if it is large and intricate. This is why many people outsource cost estimation to estimating agencies. These certified and licensed professionals are trained to carry out accurate Structural Steel Cost Estimation. In this way, you’ll have an extensive budget in your hand without stressing yourself!