The importance of accurate cost forecasting in post-COVID construction

Accurate cost forecasting is essential in post-COVID construction, where market disruptions still affect material prices and labour.

Posted: 1 Feb 2025

The COVID-19 pandemic changed the construction industry in lasting ways. Labour markets were disrupted, supply chains became fragile, and the cost of materials soared. While much has stabilised in 2025, the aftershocks are still being felt, especially when it comes to cost forecasting.

Inaccurate forecasting can derail a project before it begins. Over-optimism leads to funding shortfalls; underestimation delays delivery. That’s where experienced quantity surveyors step in.

At Selway Joyce, we’ve adapted our forecasting models to reflect the post-pandemic landscape. Our team incorporates up-to-date market intelligence, supply chain insights, and global pricing trends into every estimate we produce. This ensures clients have realistic figures, not guesswork, when making investment decisions.

We’ve also seen an increased need for contingency planning. The days of fixed, static budgets are over. Flexibility is key, and our role includes identifying potential cost risks and suggesting mitigation strategies, from alternative suppliers to phased procurement.

Another major shift has been the rise of digital tools. At Selway Joyce, we utilise cloud-based estimating software and collaborate with BIM models to track costs in real time. This not only improves accuracy, but fosters trust and transparency between client, consultant and contractor.

While no forecast can eliminate all risk, a professional QS provides the next best thing: clarity. In a world where lead times can shift overnight and materials are subject to global volatility, accurate cost planning is not just desirable, it’s essential.

Post-COVID construction is a new frontier. But with the right data and expert insight, we can navigate it confidently. Selway Joyce is here to help you build smarter, and budget better.

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