Managing Risk Can Be Contractors’ New Competitive Advantage

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A major shift in the construction industry as it has recovered from the Great Recession is increasingly complex building projects with shorter deadlines. The dynamic has created increased and novel risks. Since bonding is a crucial risk-management tool in construction, surety-bonds experts need to constantly keep their finger on the pulse of the industry. Based on sureties’ understanding of how …

Small Business Optimism is Soaring

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U.S small businesses are brimming with confidence — and backing up their upbeat outlook with a burst of hiring and spending. Sixty-four percent of firms with 100 or fewer employees say their businesses are doing well, up from 61% in late 2015, according to an Allstate/USA TODAY survey of 2,790 such enterprises in mid-February. Tell me more >>>

Power Plants May Force Trump to Address Chinese Investment in US Infrastructure

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The Chapter 11 reorganization filing of Westinghouse on March 29, 2017 has opened the Pandora’s Box on the contentious issue of Chinese investment in the US infrastructure under Trump Administration. The immediate cause behind the decision to place Westinghouse under bankruptcy filing by its parent company, Toshiba of Japan, was the cost overrun at four 3G (third generation) AP1000 reactors …

Contractors Help MWBEs Thrive to Further Industry

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The U.S. Construction industry is a $1.73 trillion industry. Its more than 700,000 companies account for over 7 million American jobs in building, engineering and a wide range of specialty trades, note Bureau of Labor statistics. But most appreciably, the industry exemplifies American ideals about hard work and upward mobility since many thriving construction companies are decades old, multigenerational, family-owned …

Policy Changes Could Significantly Affect Construction

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2016 was a record-setting year for the construction industry – with modest, but steady growth seen across all indicators and sectors. As a testament to the year’s success, construction spending in the US totaled nearly $1.2 trillion or 4.5 percent more than full year 2015 levels – nearly tripling the GDP inflation rate. To see more >>>

San Francisco Could Bar Contractors That Bid on Border Wall

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Public discourse over the construction of the Trump Administration’s border wall is rife with disagreement. However, a few elected officials have taken the absurd step to attempt to punish any company that does not share their political values on the subject. Recently, San Francisco County Supervisors joined local policymakers from Berkeley and Oakland and introduced ordinances that would ban construction …

US Chamber Exec: Davis-Bacon Repeal Unlikely in Pursuit of Infrastructure Plan

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Construction industry stakeholders got a jolt when President Donald Trump recently approached what a U.S. Chamber of Commerce official called a “third rail issue” for building trades unions: changes to the Davis-Bacon Act. Trump said in a New York Times interview published April 5 that he was “going to make an announcement in two weeks” regarding Davis-Bacon. The law requires …

Former Flextronics, Tesla CEO Aims to Disrupt Construction Industry

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A startup construction firm, Katerra, has building projects in the works all over Northern California, but it has remained quiet until now about its unusual high-tech methods and its backing from finance, real estate, and technology heavyweights. Katerra, a two-year-old company that says its technology platform brings the efficiency of electronics manufacturing to construction projects, announced Thursday it raised $130 …

Lien System Necessary but Susceptible to Abuse, Experts Say

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It may take a village to raise a building, but it takes only one disgruntled subcontractor to ensnare a project in a legal tug-of-war. For One57, the 75-story luxury condo tower on Billionaires’ Row, fire sprinklers are at the heart of an ongoing dispute with the developer and project’s general contractor. Federated Fire Protection Systems, which does plumbing, heating and …