A Granular Framework for Construction Material Price Forecasting: Econometric and Machine-Learning Approaches
建筑材料价格的细粒度预测:计量与机器学习方法AI 解读 ↓
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AI 根据所提供的论文材料归类:摘要明确比较多种时间序列模型开展材料价格预测,并加入宏观经济指标,因此归入时间序列和预测方向。
建筑材料价格的细粒度预测:计量与机器学习方法AI 解读 ↓
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The persistent volatility of construction material prices poses significant risks to cost estimation, budgeting, and project delivery, underscoring the urgent need for granular and scalable forecasting methods. This study develops a forecasting framework that leverages the Construction Specifications Institute (CSI) MasterFormat as the target data structure, enabling predictions at the six-digit section level and supporting detailed cost projections across a wide spectrum of building materials. To enhance predictive accuracy, the framework integrates explanatory variables such as raw material prices, commodity indexes, and macroeconomic indicators. Four time-series models, Long Short-Term Memory (LSTM), Autoregressive Integrated Moving Average (ARIMA), Vector Error Correction Model (VECM), and Chronos-Bolt, were evaluated under both baseline configurations (using CSI data only) and extended versions with explanatory variables. Results demonstrate that incorporating explanatory variables significantly improves predictive performance across all models. Among the tested approaches, the LSTM model consistently achieved the highest accuracy, with RMSE values as low as 1.390 and MAPE values of 0.957, representing improvements of up to 59\% over the traditional statistical time-series model, ARIMA. Validation across multiple CSI divisions confirmed the framework's scalability, while Division 06 (Wood, Plastics, and Composites) is presented in detail as a demonstration case. This research offers a robust methodology that enables owners and contractors to improve budgeting practices and achieve more reliable cost estimation at the Definitive level.