Home Innovation Insights

Calculating the true cost of innovation can be complicated. We can help.

It’ll Cost You! Where Codes Meet Costs

October 12, 2018

Creating or influencing positive change in any industry can be hard. Very hard. It requires time. It requires expertise. It often requires a little luck in addition to a lot of hard work. And multiple pieces must fall into place in just the right way and just the right sequence. Creating change and innovation in home building is no different.

There are lots of passionate, driven, and inspired individuals and companies in our industry who are working to bring about positive change. This may be in the form of developing a new product, testing a new construction technique/method, introducing a new building code provision, or advocating for a new industry policy. Whatever the ultimate goal, cost is always a factor that needs to be considered on the road to innovation; in fact, cost is often the primary decision-making factor that stops a great idea from going forward.

Evaluating cost implications of a new product or process and weighing the expected benefits is never a straightforward exercise. It’s not merely a matter of looking something up in RS Means or other published construction cost guides. How do you know the numbers are a fair representation of the market? How do you know you are comparing apples to apples? Are the costs capturing the entire picture without missing important implications that either save or add costs? These are some of the questions Home Innovation Research Labs helps our clients identify and answer through cost studies.

We have a long history of conducting these types of studies and have developed a specific body of expertise. Some insights we’ve gained on the road to obtaining this expertise are summarized below.

Many of the evaluations focus on costs associated with building code changes and deployment of new technologies – some examples are available on our website. Other studies are done on a proprietary basis and intended to help our clients with their internal decision making.

If you’d like more information on cost studies in residential construction, get in touch.