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How to deal with shortages in buildouts and renovations

During the renovation planning process, most companies ask the general contractor for portfolio examples, timeframes and budgets to finish those projects, as well as references. More than ever, timeframes and scope of work can drastically change a renovation due to unexpected material shortages. Instead of dealing with this when it happens while renovating a commercial space, companies are asking for a plan for shortages in the proposal.

As an example, it is expected that in 2023, prices for material will slow their crazy pandemic rise and some items will even go down in cost. The builder will bid the project based on the expected costs.

However, the snowstorm of January 2023 may influence transportation or cause some manufacturers to shut down. Copper, which went up 44% in 2022 may be affected. Steel prices are expected to go down. Wood prices, which began to level off in 2022, may rise depending on how the weather influences manufacturing and delivery. Concrete went up approximately 14% last year and will most likely continue to rise due to shortages of sand and cement.

Unfortunately, no one has a crystal ball to see how much building materials will be impacted, but construction companies need to have alternative solutions. Otherwise, schedules will be hit hard.

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