FTA Market Conditions Research: Recommendations for Improving Transit Industry Cost Estimation
place - north america, economics - capital costs
Cost estimating, transit capital cost, construction bids
The purpose of this report is to evaluate transit cost estimates vs. bid pricing across 1995–2015, which spans two significant periods of economic turmoil and a large range of project conditions. Federal funding for transit capital projects is based on cost estimates provided by project sponsors and is reviewed by FTA, usually before construction bids are received. Accurate estimating is required to reliably establish these Federal grants. Anecdotal evidence exists and shows that overall economic conditions or patterns of project conditions may affect the ability of cost estimators to accurately forecast project costs. The national significance of the research is the improvement of cost estimating by the transit industry.
Copyright remains with Federal Transit Administration (FTA).
Shah, R., Orvedal, H.S., Gilstrap, M., & Sarna, M. (2019). FTA Market Conditions Research: Recommendations for Improving Transit Industry Cost Estimation. FTA Report No. 0130, pp. 32.