The purpose of this paper is to examine the intrinsic relationships among sets of quantity surveyors' skill and competence variables with a view to reducing them into principal components. The research adopts a data reduction technique using factor analysis statistical technique. A structured questionnaire was administered among major stakeholders in the Nigerian construction industry. The respondents were asked to give rating, on a 5 point Likert scale, on skills and competencies required of quantity surveyors. Based on the 21 skills and 15 competencies areas, factor analysis was used to explore and detect the underlying relationship among the identified variables. Important measures, such as Bartlett's test of sphericity, Kaiser-Meyer-Olkin measure of sampling accuracy and measure of sampling adequacy were used to test the appropriateness of the factor extraction. The data reduction results in the identification of 5 skill components: managerial, technical, investment and global marketing, information and communication technology and professional practice skills; and 3 competence components: project management, valuation and dispute resolution and cost planning and control. The reduced principal components could serve as a guiding framework for training and distilling the required skills and competencies for quantity surveyors especially in Nigeria working environment. The originality and value of the paper is demonstrated in the use of factor analysis in reducing the complex and multiple categorizations of quantity surveyors' skills and competencies into clearly defined principal components.