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Our First-Ever Quarterly Cost Update

 In Product Blog

As announced in July 2021, EquipmentWatch will now be providing large-scale cost updates to our customers on a quarterly basis. We are excited to share that the first update on this new quarterly cadence is complete and available for our customers to leverage in their equipment decision-making.

We know accurate and timely data is important for your bottom line

Being the leading provider of construction, lift, and agricultural equipment cost information, it will come as no surprise that we believe these more frequent updates, and thus more accurate and timely data, is crucial for our clients’ bottom lines. It’s not just us, though. A recent study from Autodesk and FMI Corp. reported that within the construction industry, “bad data may have caused $1.8 trillion in losses worldwide and may be responsible for 14% of avoidable rework, which amounts to $88 billion in costs.”

With this latest update, customers will see: 

  • An average increase in FHWA rates of 2.7% with some equipment types increasing more than 20% 
  • A key driver of those higher FHWA rates being lower annual use hours across the spectrum of equipment types, sizes, and power modes 
  • 525 new equipment models, including 142 from Caterpillar, 49 from Deere, and 45 from Challenger 
  • More than 220 new agricultural equipment models and more than 60 new models each within the compactor, road maintenance, and electric counterbalanced lift truck equipment categories

2021 continues to be a challenging time for the construction industry with steep materials pricing, delivery delays, and labor shortages, to say nothing of macro-level challenges like the Coronavirus Delta variant. Our mission for over 50 years has been to simplify the reimbursement process in extra work situations by providing charge rates for equipment that are accurate and realistic. In addition to Cost Recovery, it is more important than ever to accurately account for equipment costs when estimating for a project. The EquipmentWatch Internal Charge Rate Calculator enables contractors to leverage industry benchmarks and compare against their fleet’s unique attributes to bid more competitively, and ensure you remain within budget.

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