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Predicting the future of the construction market is always a challenging task - regardless of whether it is over the next one or 20 years - since it involves several uncertainties.

The TRB National Cooperative Highway Research Program's NCHRP Web-Only Document 283: Improving Mid-Term, Intermediate, and Long-Range Cost Forecasting for State Transportation Agencies documents the research that led to the development of a Cost Forecasting Approach Selection Framework that can assist state transportation agencies to select and implement effective mid-term (3 to 5 years), intermediate-range (up to 15 years), and long-range (more than 15 years) cost forecasting procedures.

Supplemental information to the technical report includes NCHRP Research Report 953: Improving Mid-Term, Intermediate,and Long-Range Cost Forecasting: Guidebook for State Transportation Agencies, a presentation, and videos.

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Suggested Citation

National Academies of Sciences, Engineering, and Medicine. 2020. Improving Mid-Term, Intermediate, and Long-Range Cost Forecasting for State Transportation Agencies. Washington, DC: The National Academies Press. https://doi.org/10.17226/25974.

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Publication Info

92 pages |  8.5 x 11 |  DOI: https://doi.org/10.17226/25974
Chapters skim
Front Matter 1-3
Contents 4-10
1 Introduction and Background 11-23
2 State-of-the-Practice of Cost Forecasting 24-32
3 Case Study Methodology 33-52
4. Identification of Suitable Construction Cost Index 53-58
5. Cost Forecasting Approaches 59-69
6. Implementing Formal Cost Forecasting Practices 70-73
References 74-77
Abbreviations and Acronyms 78-78
Appendix A - Historical Bid Data Summary 79-84
Appendix B Configuration of Multilevel Construction CostIndexes 85-91

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