EPC Markets Showing Recovery Signs, According to IPA’s Latest Forecast
IPA’s recently released engineering, procurement, and construction (EPC) market forecast indicates economic and market conditions are recovering in many regions as COVID-19 vaccination numbers increase and pandemic-driven restrictions on business activities are loosening in some parts of the world.
“The EPC market appears to have entered into a period of recovery as market activity, commodity prices, and economic indicators regularly tracked by IPA are improving,” according to the March 2021 issue of IPA’s EPC Market Forecast newsletter. The regional EPC prices, construction wages, commodity prices, and economic indicators regularly tracked and reported in the newsletter “have rebounded from lows reached in the spring” of 2020 “as global markets responded to the pandemic.”
Since 2007, subscribers to IPA’s EPC Market Forecast newsletter have received information about capital project price trends 5 years into the future for eight regions of the world. Published quarterly, owner companies use the information to properly time project expenditures and ensure accuracy of future escalation estimates, and get feedback on prevailing all-in rates for engineering and construction labor resources. In addition to the newsletter, subscribers receive rate information they can use in formulating project estimates and market forecast charts for sharing across their organization. In addition, the newsletter can be custom-delivered to narrow in on regional and industry-specific all-in wage rates and EPC price trends of interest to our clients.
Contact IPA to learn more.