According to data from the Associated Builders and Contractors (ABC), nonresidential construction input prices are 2.2% higher than a year ago. As construction costs continue to increase, architects, contractors, and project managers are looking for cost-saving strategies to reduce building construction and operational costs.
Selecting building materials that reduce construction costs while boosting building performance is one of the best cost saving strategies. Cost-effective and high performing, Kingspan’s insulated metal panels (IMPs) may not only help reduce construction costs but could help yield savings throughout the lifecycle of a building.
Here’s a look at some of the key cost advantages of these high performing panels:
Persistent labor shortages continue to drive up construction costs. The construction industry will need to attract an estimated 501,000 additional workers on top of the normal pace of hiring in 2024 to meet the demand for labor.
IMPs are a prefabricated, single component system that can help accelerate speed of build which results in labor and cost savings. These lightweight panels require only one type of installer, rather than multiple trades, reducing the need for field labor. They can also be installed in difficult weather conditions, getting projects dried-in faster and allowing other trades to proceed with interior work.
A time-lapse video shows that it can take about half as much time to install IMPs than a traditional multi-component wall system.
According to the U.S. Energy Information Administration (EIA), commercial buildings accounted for about 17.2% of total U.S. energy consumption in 2023. The EIA’s 2018 Commercial Buildings Energy Consumption Survey (the latest available data) revealed that the commercial sector spent $141 billion on energy in 2018.
IMPs also help improve energy efficiency. Kingspan’s IMPs have a core of continuous, rigid insulation technology that delivers high R-values. This thermal performance helps improve the energy efficiency of a building, reducing heating and cooling costs throughout the building's lifecycle. The increased energy efficiency delivered by these panels results in fewer greenhouse gas emissions, aiding in net zero energy and carbon-neutral efforts that lower the detrimental environmental costs that can accrue in the construction of commercial buildings.
IMPs are engineered to be long-lasting and low maintenance, decreasing building maintenance costs over the lifetime of a building. Constructed of durable steel and designed to last for decades, IMPs can handle inclement weather while remaining air- and water-tight. The durable design of these panels also allows them to stand up to the wear and tear that comes with building use. This durability helps ensure that buildings retain their aesthetic appeal and structural integrity for decades, reducing the need for frequent renovations or repairs.
IMPs are also easy to clean and can be manufactured with special coatings that can withstand heavy sanitization.
In an environment of cost increases and labor shortages, architects, builders, and property owners need high performance building materials that help reduce costs. Kingspan’s IMPs fit the bill. Quick to install, energy efficient and low maintenance, Kingspan panels are an exceptional choice for a high-performance building envelope that helps reduce commercial building construction and operating costs.