Overview
Highway construction cost indexes (HCCIs) help agencies track changes in construction costs. This study introduces a dynamic item basket and multidimensional indexes to address small bid-item samples and reveal trends across project types, sizes, locations, and sectors.
Using historical Montana Department of Transportation (MDT) bid data, the prototype included eight times as many bid items and represented at least 20% more total bid cost than the prior method. The analysis also found that cost trends differed across sectors, including bridge construction and the overall highway market.