A method of estimating project costs is disclosed. Geometric information is extracted from a design plan for the project and a cost estimate for the project is automatically generated using the geometric information extracted from the design plan and a computerized cost data store that contains cost estimates for the extracted geometric information. Either during the project, or after the project has been completed, actual cost data relating to the geometric information is electronically received and this actual cost data is used to update the computerized cost data store.