{"id":527290,"date":"2021-08-12T08:06:06","date_gmt":"2021-08-12T12:06:06","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/78-of-corporate-and-public-real-estate-owners-over-budget-on-construction-projects-idc-survey\/"},"modified":"2021-08-12T08:06:06","modified_gmt":"2021-08-12T12:06:06","slug":"78-of-corporate-and-public-real-estate-owners-over-budget-on-construction-projects-idc-survey","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/78-of-corporate-and-public-real-estate-owners-over-budget-on-construction-projects-idc-survey\/","title":{"rendered":"78% of Corporate and Public Real Estate Owners Over Budget On Construction Projects: IDC Survey"},"content":{"rendered":"

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78% of Corporate and Public Real Estate Owners Over Budget On Construction Projects: IDC Survey<\/b><\/p>\n

\nSurvey Reveals Projects are 70 Days Late on Average\n<\/p>\n

CARPINTERIA, Calif.–(BUSINESS WIRE<\/a>)–Procore Technologies, Inc.<\/a> (NYSE: PCOR), a leading provider of construction management software, today announced a new survey from international research firm IDC<\/a> that found most construction projects are delivered late and significantly over budget compared to the owners’ original plan.\n<\/p>\n

This press release features multimedia. View the full release here: https:\/\/www.businesswire.com\/news\/home\/20210812005125\/en\/<\/a><\/p>\n

\"Procore<\/p>\n

Procore Technologies, Inc. (NYSE: PCOR), a leading provider of construction management software, today announced a new survey from international research firm IDC that found most construction projects are delivered late and significantly over budget compared to the owners’ original plan. (Graphic: Business Wire)<\/p>\n<\/div>\n

\nConducted in May and June 2021 by IDC, and commissioned by Procore, the survey<\/a> asked about the challenges owners face, and how they have responded to them. The survey also explored the benefits gained by moving from manual processes to technology solutions. Participants were construction project owners and developers in the public and private sectors in the U.S. and Canada. They are involved in various roles and responsibilities across the project delivery lifecycle, from conceptualization, pre-construction planning to project management, execution and operations.\n<\/p>\n

Most Construction Projects Are Over Budget And Delivered Late <\/b><\/p>\n

\nThe survey revealed that 75% of owners were over planned budgets on their projects, and 77% were late. On average, projects were 70 days late compared to their original estimates.\n<\/p>\n

\nPer project, owners experienced an average of six changes to the budget and five changes to the schedule, with a 15% average increase in project costs as a result of these changes.\n<\/p>\n

High Performers Use Digital Solutions <\/b><\/p>\n

\nMost projects are late, but some respondents are doing better than others. The survey identified significant differences between high and low performers, based on variance between budget estimate and estimate for day and project completion time. Better on-budget and on-schedule performance often corresponded with embracing integrated technology. Two groups emerged:\n<\/p>\n