Which factor is NOT mentioned as affecting cost estimates?

The factor that is not mentioned as affecting cost estimates is future tax policy changes. Cost estimates typically focus on more immediate and tangible factors that have a direct impact on the project budget. Availability of labor and materials, high interest rates, and the location of the project all play significant roles in determining construction costs.

Availability of labor and materials can cause fluctuations in costs; if there is a shortage in either, prices will likely increase. High interest rates impact the overall financing costs of a project, making borrowing more expensive and potentially influencing budget constraints. The location of the project also greatly affects costs, as it can determine factors such as local labor wages, transportation of materials, and site-specific challenges.

Future tax policy changes, while they can have long-term ramifications on overall project feasibility and investment attractiveness, do not directly affect the immediate cost estimates for materials and labor during the construction phase. Thus, it is not typically included in the cost estimation process.