The survey, conducted in May and June, found that 75% of owners were over planned budgets on their projects, and 77% were late. For each development 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.
On average, projects were 70 days late compared to their original estimates, the survey found.
Some 69% of the respondents said that the greatest challenge to getting projects done is on-site labor shortages. Only 24% of respondents said they are staffed with the right skill sets for financial governance, reporting and controls, while 33% said they are well-staffed for planning, design and scoping.
Click here to read the rest of the article written by Dees Stribling over at Bis Now
