You may be wondering why you need to pay thousands of dollars for the repair or installation of a Winter Haven parking lot paving. Some pay as much as $10,000 for the mere installation of a parking lot pavement or driveway. The cost could be staggering but consider the benefits of having a well-paved parking lot paving, and you’ll understand why businesses are trying to invest their money in this endeavor.
There are several factors that affect the cost of asphalt pavement production. These factors are fluctuating and could either drag down or boost the cost of the construction material and labor. Want to understand these factors better? Here they are:
An asphalt mix is composed of the main asphalt, aggregate compounds, and crude oil. The price of crude oil is fluctuating in the market. This means that any movement in the market could also affect the price of an asphalt pavement project.
Essentially, contractors and workers are using liters and gallons of crude oil, so it only makes sense for them to raise or lower the price depending on the oil’s market price.
Asphalt is recyclable, making pavements made out of it the most environmentally-sound choice for a parking lot or driveway material. But because it is recycled, there are also many instances that could affect its price. Sure, recycled materials are cheaper compared, for example, to concrete.
The problem, however, is when there are not many recycled materials to choose from and the contractor would need to use new asphalt built from expensive resources. This could pull up the cost of the material.
When the government passes a law calling for a higher minimum salary cap, all workers will be affected. People working in the asphalt paving industry would also call for a higher salary per hour and while they are being paid around $20,000 annually today, any change will also cost the contractors to increase the cost of their asphalt pavement services.
New technologies would always raise the cost of the services. When a contractor invests in new equipment, he would naturally charge higher compared to his other competitors in the industry. Using new technologies would finish the job faster and should result in better-quality pavements, parking lots, and driveways.
Before agreeing to pay the amount of the contract, ask the contractor what kind of equipment is being used for the project and that make and model it is. Then, go to trusty Google and find out if it’s industry standard.