What Does it Take to Be a Cost Estimator?
Cost Estimator Definition Prepare cost estimates for product manufacturing, construction projects, or services to aid management in bidding on or determining price of product or service. May specialize according to particular service performed or type of product manufactured.
What Do Cost Estimators Do On a Daily Basis?
- Prepare estimates used by management for purposes such as planning, organizing, and scheduling work.
- Prepare and maintain a directory of suppliers, contractors and subcontractors.
- Review material and labor requirements to decide whether it is more cost-effective to produce or purchase components.
- Analyze blueprints and other documentation to prepare time, cost, materials, and labor estimates.
- Prepare cost and expenditure statements and other necessary documentation at regular intervals for the duration of the project.
- Confer with engineers, architects, owners, contractors, and subcontractors on changes and adjustments to cost estimates.
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Cost Estimator Needed Skills
Cost Estimators state the following job skills are important in their day-to-day work.
Mathematics: Using mathematics to solve problems.
Reading Comprehension: Understanding written sentences and paragraphs in work related documents.
Critical Thinking: Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Active Listening: Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
Speaking: Talking to others to convey information effectively.
Judgment and Decision Making: Considering the relative costs and benefits of potential actions to choose the most appropriate one.
Other Cost Estimator Job Titles
- Contract Analyst
- Cost Engineer
- Cost and Risk Analysis Manager
- Cost Analyst
- Building Construction Estimator
Is There Job Demand for Cost Estimators?
In 2016, there was an estimated number of 217,900 jobs in the United States for Cost Estimator. New jobs are being produced at a rate of 10.5% which is above the national average. The Bureau of Labor Statistics predicts 22,900 new jobs for Cost Estimator by 2026. Due to new job openings and attrition, there will be an average of 24,400 job openings in this field each year.
The states with the most job growth for Cost Estimator are Utah, Arizona, and Nevada. Watch out if you plan on working in Maine, Vermont, or Alaska. These states have the worst job growth for this type of profession.
How Much Does a Cost Estimator Make?
The typical yearly salary for Cost Estimators is somewhere between $38,060 and $107,940.
Cost Estimators who work in District of Columbia, Hawaii, or Alaska, make the highest salaries.
Below is a list of the median annual salaries for Cost Estimators in different U.S. states.
| State | Annual Mean Salary |
|---|---|
| Alabama | $59,870 |
| Alaska | $83,450 |
| Arizona | $66,410 |
| Arkansas | $61,500 |
| California | $78,190 |
| Colorado | $73,110 |
| Connecticut | $74,910 |
| Delaware | $68,690 |
| District of Columbia | $93,880 |
| Florida | $62,370 |
| Georgia | $67,190 |
| Hawaii | $82,390 |
| Idaho | $60,400 |
| Illinois | $66,480 |
| Indiana | $65,790 |
| Iowa | $62,410 |
| Kansas | $66,500 |
| Kentucky | $65,460 |
| Louisiana | $67,650 |
| Maine | $61,960 |
| Maryland | $71,650 |
| Massachusetts | $77,670 |
| Michigan | $63,810 |
| Minnesota | $65,520 |
| Mississippi | $60,360 |
| Missouri | $67,620 |
| Montana | $58,960 |
| Nebraska | $59,160 |
| Nevada | $66,650 |
| New Hampshire | $67,610 |
| New Jersey | $75,340 |
| New Mexico | $59,580 |
| New York | $75,730 |
| North Carolina | $62,590 |
| North Dakota | $69,010 |
| Ohio | $64,700 |
| Oklahoma | $64,300 |
| Oregon | $71,490 |
| Pennsylvania | $67,330 |
| Rhode Island | $67,470 |
| South Carolina | $63,520 |
| South Dakota | $54,860 |
| Tennessee | $63,770 |
| Texas | $73,950 |
| Utah | $65,940 |
| Vermont | $65,790 |
| Virginia | $74,160 |
| Washington | $77,510 |
| West Virginia | $63,890 |
| Wisconsin | $57,990 |
| Wyoming | $76,670 |
What Tools & Technology do Cost Estimators Use?
Below is a list of the types of tools and technologies that Cost Estimators may use on a daily basis:
- Microsoft Excel
- Microsoft Word
- Microsoft Office
- Microsoft PowerPoint
- Microsoft Outlook
- Microsoft Access
- SAP
- Microsoft Project
- Autodesk AutoCAD
- Adobe Systems Adobe Acrobat
- Microsoft Visio
- Microsoft Dynamics
- Intuit QuickBooks
- Oracle JD Edwards EnterpriseOne
- Dassault Systemes CATIA
- Oracle Primavera Enterprise Project Portfolio Management
- Oracle Hyperion
- Sage 50 Accounting
- Autodesk Revit
- Trimble SketchUp Pro
Becoming a Cost Estimator
What kind of Cost Estimator requirements are there?
How many years of work experience do I need?
Where Cost Estimators Work
The table below shows the approximate number of Cost Estimators employed by various industries.
Similar Careers
Those thinking about becoming a Cost Estimator might also be interested in the following careers:
- Tax Preparers
- Sales Representatives, Wholesale and Manufacturing, Technical and Scientific Products
- Buyers and Purchasing Agents, Farm Products
Those who work as a Cost Estimator sometimes switch careers to one of these choices:
References:
Image Credit: Mike Moore via public domain
More about our data sources and methodologies.
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