Work in Progress (WIP) is a term used to describe the unfinished stages of residential construction projects. This includes any and all materials and labor needed to complete the project, from beginning to end. WIP can include anything from carpentry, plumbing, HVAC installation, painting, tiling, landscaping, and more. It also applies to the job site itself, such as clearing debris and preparing the land for construction.
WIP also encompasses all related activities, such as obtaining permits from local government agencies or ordering materials.
Keeping track of WIP also helps contractors and building owners stay on top of costs, ensuring that the budget is not exceeded.