New Economic Forecasting Tool Eases Tracking of Annual Construction Input Costs
The newly created Index Prediction Tool is a forecasting system that will makes it easier to calculate national construction costs, say analysts at international project and program management consultant Faithful+Gould, the tool’s creator. ENR talked with Tina Le, construction data analyst, and Steve Willcock, technical director, to discuss the benefits to users.
“The Index Prediction Tool allows users to input or select economic forecast information to calculate annual forecast impacts for ENR’s Building Cost Index (BCI),” says Le. Calculations are based on a robust multiple linear regression model, a statistical method that uses independent variables to predict the outcome of a response variable.