### Bureau of Labor Statistics U.S. Bureau of Labor Statistics

Cost Estimators Summary
                        
            
                                                        
                                                                
                        
            
            
            
                            
                                                
                                                
                                                
                                                
            									
							
				                                                
                                            




            			Quick Facts:     Cost Estimators2023     Median Pay
            						$74,740     per year
										$35.94     per hourTypical Entry-Level Education
                                    Bachelor's degreeWork Experience in a Related Occupation
                                    NoneOn-the-job Training
                                    Moderate-term on-the-job trainingNumber of Jobs, 2022
                                    231,400Job Outlook, 2022-32
                                    -3% (Decline)Employment Change, 2022-32
                                    -6,500What Cost Estimators Do
                                                
                        
                        
Cost estimators collect and analyze data in order to assess the time, money, materials, and labor required to make a product or provide a service.
            
                        Work Environment
                        
Cost estimators work mostly in office settings, and some estimators also visit construction sites and factory assembly lines. Most cost estimators work full time, and some work more than 40 hours per week.
            
                                                How to Become a Cost Estimator
                                                
                        
Cost estimators typically need a bachelor’s degree to enter the occupation, although workers with several years of experience in construction sometimes qualify in that industry without a degree.
            
                        Pay
                        												                            																				    														The median annual wage for cost estimators was $74,740 in May 2023.									                                					
						
            
                        Job Outlook
                        						
												Employment							of cost estimators is projected to decline							 3 percent from 2022 to 2032.
						Despite declining  employment, about 18,000 openings for cost estimators are projected each year, on average, over the decade.
            			
            			 All of those openings are expected to result from the need to replace workers who transfer to other occupations or exit the labor force, such as to retire.
						State & Area Data
                       Explore resources for employment and wages by state and area for cost estimators.
            
            
						
                        Similar Occupations
                        
                                                    Compare the job duties, education, job growth, and pay of cost estimators with similar occupations.
            
            
                        More Information, Including Links to O*NET
                        
                                               
                        Learn more about cost estimators by visiting additional resources, including O*NET, a source on key characteristics of workers and occupations.
 What Cost Estimators Do 
            

			Cost estimatorsCost estimators often collaborate with engineers.			
Cost estimators collect and analyze data in order to assess the time, money, materials, and labor required to manufacture a product, construct a building, or provide a service. They generally specialize in a particular product or industry.
Duties
Cost estimators typically do the following:
Identify factors affecting costs, such as production time, materials, and labor
Read blueprints and technical documents in order to prepare estimates
Collaborate with engineers, architects, clients, and contractors
Calculate, analyze, and adjust estimates
Recommend ways to cut costs
Work with sales teams to prepare estimates and bids for clients
Maintain records of estimated and actual costsAccurately estimating the costs of construction and manufacturing projects is vital to the survival of businesses. Cost estimators provide managers with the information they need in order to submit competitive contract bids or to price products appropriately.
Estimators analyze production processes to determine how much time, money, and labor a project needs. Their estimates account for many things, including allowances for wasted material, bad weather, shipping delays, and other variables that can increase costs and lower profits.
In building construction, cost estimators use software to simulate the construction process and evaluate the price of design choices. They often check databases and their own records to compare the costs of similar projects.
The following are examples of types of cost estimators:
***Construction cost estimators*** prepare estimates for building, road, and other construction projects. They may calculate the total cost of constructing a bridge or commercial shopping center, or they may calculate the cost of just one part, such as the foundation. They identify costs of elements such as raw materials and labor, and they may set a timeline for how long they expect the project to take. Although many work directly for construction firms, some work for contractors and engineering firms.
***Manufacturing cost estimators*** calculate the expense of developing, producing, or redesigning a company’s goods or services. For example, an estimator working for a home appliance manufacturer may determine a new dishwasher’s production costs, aiding managers in making decisions about its assembly.
Other workers, such as operations research analysts and construction managers, also may estimate costs in the course of their usual duties.
 Work Environment
			Cost estimatorsCost estimators may visit construction sites to gather information.			

	    
				
	
	
	
	
	
	
	    					 Cost estimators held about 231,400 jobs in 2022. The largest employers of cost estimators were as follows:
        Specialty trade contractors
                35%Construction of buildings
                16Manufacturing
                12Automotive repair and maintenance
                8Heavy and civil engineering construction
                5Cost estimators work mostly in office settings, and some estimators visit construction sites and factory assembly lines during the course of their work.
Work Schedules
Most cost estimators work full time, and some work more than 40 hours per week.
 How to Become a Cost Estimator

			Cost estimatorsCost estimators learn to use specialized cost estimating software.			
Cost estimators typically need a bachelor’s degree to enter the occupation, although workers with several years of experience in construction sometimes qualify in that industry without a degree.
Education
Employers generally prefer to hire candidates who have a bachelor’s degree.
Construction cost estimators typically need a bachelor's degree in a related field, such as construction or engineering. Manufacturing cost estimators typically need a degree in business or finance.
Training
Most cost estimators receive on-the-job training, which may include instruction in cost estimation techniques and software and in building information modeling (BIM), computer-aided design (CAD), or other industry-specific software.
Work Experience in a Related Occupation
Some employers prefer that construction cost estimators, particularly those without a bachelor’s degree, have work experience in the construction industry. Some construction cost estimators become qualified solely through extensive work experience.
Important Qualities
***Analytical skills.*** Cost estimators must review and evaluate different construction and manufacturing methods to find cost-effective options.
***Detail oriented.*** Cost estimators must be precise, because minor changes may greatly affect the overall expense of a project or product.
***Math skills.*** Cost estimators need excellent math skills to calculate labor, material, and equipment estimates for construction projects.
***Time-management skills.*** Cost estimators must plan in advance and work efficiently to meet their deadlines.******
***Writing skills.*** Cost estimators must have excellent writing skills to prepare comprehensive reports, which often help managers make production decisions.
 Pay

			



	
 
                                                     
            
    
                Cost EstimatorsMedian annual wages, May 2023Business operations specialists$78,500  Cost estimators$74,740  Total, all occupations$48,060Note: All Occupations includes all occupations in the U.S. Economy.Source: U.S. Bureau of Labor Statistics, Occupational Employment and Wage Statistics
 

	
	



		
	
	
	
The median annual wage for cost estimators was $74,740 in May 2023. 


The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $44,820, and the highest 10 percent earned more than $124,520.





		
	    					 In May 2023, the median annual wages for cost estimators in the top industries in which they worked were as follows:	
        Heavy and civil engineering construction
                $91,170Construction of buildings
                77,910Specialty trade contractors
                76,340Manufacturing
                69,720Automotive repair and maintenance
                63,230Most cost estimators work full time, and some work more than 40 hours per week.
 Job Outlook

   
        
    
          
        
    
                Cost EstimatorsPercent change in employment, projected 2022-32Business operations specialists6%  Total, all occupations3%  Cost estimators-3%Note: All Occupations includes all occupations in the U.S. Economy.Source: U.S. Bureau of Labor Statistics, Employment Projections program
            
            
			 
	
	
	

			Employment				of cost estimators is projected to decline				 3 percent from 2022 to 2032.
			
			Despite declining  employment, about 18,000 openings for cost estimators are projected each year, on average, over the decade.
			
			 All of those openings are expected to result from the need to replace workers who transfer to other occupations or exit the labor force, such as to retire.
			Employment
	
			
Cost estimation software is improving the productivity of these workers, requiring fewer estimators to do the same amount of work. This will limit employment growth of cost estimators.
However, there will continue to be some demand for these workers because companies need accurate cost projections to ensure that their products and services are profitable.
			

                        Employment projections data for     cost estimators, 2022-32
                Occupational Title
                        SOC Code
                        Employment, 2022
                        Projected Employment, 2032
                        Change, 2022-32
                        Employment by IndustryPercent
                        NumericSOURCE: U.S. Bureau of Labor Statistics, Employment Projections program**Cost estimators**
			13-1051
			231,400
			224,900
			-3
			-6,500
			Get data
 State & Area Data **Occupational Employment and Wage Statistics (OEWS)** The Occupational Employment and Wage Statistics (OEWS) program produces employment and wage estimates annually for over 800 occupations. These estimates are available for the nation as a whole, for individual states, and for metropolitan and nonmetropolitan areas. The link(s) below go to OES data maps for employment and wages by state and area. Cost estimators **Projections Central** Occupational employment projections are developed for all states by Labor Market Information (LMI) or individual state Employment Projections offices. All state projections data are available at www.projectionscentral.com. Information on this site allows projected employment growth for an occupation to be compared among states or to be compared within one state. In addition, states may produce projections for areas; there are links to each state’s websites where these data may be retrieved. **CareerOneStop** CareerOneStop includes hundreds of occupational profiles with data available by state and metro area. There are links in the left-hand side menu to compare occupational employment by state and occupational wages by local area or metro area. There is also a salary info tool to search for wages by zip code.
 Similar Occupations This table shows a list of occupations with job duties that are similar to those of cost estimators. Occupation
                Job Duties
                ENTRY-LEVEL EDUCATION
                2023     MEDIAN PAY**Accountants and Auditors**
            Accountants and auditors prepare and examine financial records.
            Bachelor's degree
            $79,880**Budget Analysts**
            Budget analysts help public and private organizations plan their finances.
            Bachelor's degree
            $84,940**Claims Adjusters, Appraisers, Examiners, and Investigators**
            Claims adjusters, appraisers, examiners, and investigators evaluate insurance claims.
            See How to Become One
            $75,020**Construction Managers**
            Construction managers plan, coordinate, budget, and supervise construction projects from start to finish.
            Bachelor's degree
            $104,900**Financial Analysts**
            Financial analysts guide businesses and individuals in decisions about expending money to attain profit.
            Bachelor's degree
            $99,890**Financial Managers**
            Financial managers create financial reports, direct investment activities, and develop plans for the long-term financial goals of their organization.
            Bachelor's degree
            $156,100**Industrial Production Managers**
            Industrial production managers oversee the operations of manufacturing and related plants.
            Bachelor's degree
            $116,970**Logisticians**
            Logisticians analyze and coordinate an organization’s supply chain.
            Bachelor's degree
            $79,400**Operations Research Analysts**
            Operations research analysts use mathematics and logic to help solve complex issues.
            Bachelor's degree
            $83,640**Project Management Specialists**
            Project management specialists coordinate the budget, schedule, staffing, and other details of a project.
            Bachelor's degree
            $98,580
 Contacts for More Information
								
For more information about cost estimators, visit
American Society of Professional Estimators (ASPE)
Association for the Advancement of Cost Engineering International (AACE International)
International Cost Estimating and Analysis Association (ICEAA)

                                                
                                                        
                                                                                                    O*NET
                                        Cost Estimators
 Suggested citation: Bureau of Labor Statistics, U.S.  Department of Labor, Occupational Outlook Handbook, Cost Estimators, 
        	 at https://www.bls.gov/ooh/business-and-financial/cost-estimators.htm (visited *May 21, 2024*).
 **Last Modified Date:**
                        Wednesday, April 17, 2024


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