This study assesses the costs of producing an innovative structural beam developed at the University of Maine that employs Maine’s underutilized timber resources. The new beams are composite beams that are made by reinforcing glue-laminated timber beams, commonly known as glulam, with fiber-reinforced polymers (FRP) in the tension region of the beam. The current study addresses the following research objectives: (1) developing cost models for a range of FRP-reinforced eastern hemlock and non-reinforced southern pine glulam beam alternatives; and (2) conducting sensitivity analyses on key cost parameters.