Geoff George mentions in a story on today that while cost estimation has made great strides since the days of building plans by hand and making calculations with pencil paper, it’s still a complex process due to changes in building plans that are often made throughout the process. He also notes that in order for the industry to keep advancing, it needs to start connecting modeling software with estimation software – but to keep in mind that innovations in VR and generative design could further disrupt the process.

“A report released by Goldman Sachs last year, “Profiles in Innovation: Virtual & Augmented Reality,” predicted that the AR/VR market in the US could be as large as $182 billion by 2025, and a number of construction companies are already seeing ways the technology might be useful in the preconstruction stage. “It can really help people experience the facility before it’s built and make better decisions,” says Michael Peterson, design phase executive for Mortenson Construction. “And, in some cases, we can even … interact with the environment in real time.”

The piece mentions firms are starting to utilize Autodesk Revit to seamlessly move from design to Virtual Reality thanks to the recent release of Autodesk Revit Live.

Want to read the rest of the story? Check out the full story on the jump.

How is your firm working on cost estimations? Where do you think the future of efficient and better cost estimations lies? We want to hear from you.