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Brody Todd

Brody Todd

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Why Construction Projects Go Over Budget – and How to Prevent It

Posted by Brody Todd on Feb 6, 2019 12:00:00 PM

Where Construction Projects Go Over Budget

According to research conducted by McKinsey & Company, “Cost overruns are the norm in the construction sector.” The report authors found that on average large capital projects take 20% longer to finish than planned and come in up to 80% over budget.

There are a number of reasons why construction projects go over budget: many of which could be mitigated if the industry was more proactive in embracing modern process and technology innovations, according to the study.

We have shared 10 of the most common reasons why construction projects go over budget – and how new technology can help change this.

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Topics: Insider

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