New Legislation Allows Condominium Developers to Use Earnest Money Deposits Towards Construction Costs

Denise Gillin News

By Stoel Rives LLP for JDSupra.com Washington recently enacted SB 5024 (the “Bill”), which allows developers to use earnest money deposits towards construction costs in certain circumstances. The Bill will become effective on July 25, 2021. Under the new law, if (1) a purchase agreement discloses that earnest money deposits may be used for construction costs, and (2) the developer …

Five Traits of the Safest Contractors

Denise Gillin News, Uncategorized

By Joe Bousquin for ConstructionDive.com Firms that follow these guidelines are six times safer than the industry average, according to the latest report from Associated Builders and Contractors. According to Greg Sizemore, ABC’s vice president of health, safety, environment and workforce development, the safest construction companies typically have: Robust substance abuse policy Intensive onboarding and new hire orientation programs Frequent and regular …

22 States to End Federal COVID-19 Unemployment Benefits

Denise Gillin News, Uncategorized

By Kim Slowey for ConstructionDive.com Montana Gov. Greg Gianforte will end the state’s participation in federal pandemic-related unemployment benefit programs by the end of June, making it one of the first states to fully opt out, according to a press release issued by the governor’s office. In addition, Gianforte has also proposed paying a $1,200 return-to-work bonus. Other states are also cutting …

Construction Momentum at 12-year High, Despite Continued Challenges

Denise Gillin News

By Joe Bousquin for ConstructionDive.com The future of construction in 2022 looks bright, especially in the institutional sector, but contractors will have to overcome a multitude of challenges to enjoy it, based on two bellwether construction reports issued last week. The uptick in the institutional sector, which includes healthcare, education, dormitories, recreation facilities and public buildings such as courts and …

Fighting Capital Erosion

Denise Gillin News

By Todd A. Feuerman for ConstructionBusinessOwner.com In the first quarter of 2020, prior to the onslaught of the pandemic, the nation’s construction industry was thriving, adding more than $900 billion in gross domestic product (GDP) revenue to the United States economy. Both this revenue and high employment levels were the best the industry had seen since 2008. Then COVID-19 reached …

Top Challenges Facing the Construction Industry

Denise Gillin News

By George Gravenstine for AssuredPartners.com The construction industry has been on the rise for the past few years and is continuing to grow in 2018. While growth is often positive, there are some challenges that accompany it. Here are four of those challenges the construction industry is currently experiencing: Shortage of Qualified Workers Generational Differences Technology Adoption Project Complexity To …

How to Prequalify a Surety – and Why It’s So Important

Denise Gillin Uncategorized

Posted by Todd Taylor, AFSB, CPCU on SuretyBondQuarterly.org – Sponsored content from Old Republic Surety The number of surety companies represented in any region can make the task of prequalifying or differentiating among them challenging to say the least. Many bond agents and brokers have access to more than 30 surety company markets, and there can be important distinctions between …

Pennsylvania Contractor Charged With Stealing $20M From Employees

Denise Gillin Uncategorized

By Zachary Phillips for ConstructionDive.com In the largest case of its kind on record, one of Pennsylvania’s biggest road and bridge construction firms has been charged with stealing more than $20 million from its workers, according to the office of State Attorney General Josh Shapiro. After a three-year investigation, Glenn O. Hawbaker Inc. of State College, Pennsylvania, has been charged …

PPP Loans and Taxes: What to Consider Before You File

Denise Gillin Uncategorized

By Kim Slowey for ConstructionDive.com Tax season is upon us, and for contractors that borrowed money under the federal government’s Paycheck Protection Program last year in order to help their businesses survive the economic hardships presented by the COVID-19 pandemic, there are a few issues worth noting. The biggest impact to their 2020 corporate tax returns filed this year will …

NASBP & SFAA 2021 Joint Legislative Fly-in

Denise Gillin Uncategorized

National Association of Surety Bond Producers (NASBP) and Surety & Fidelity Association of America (SFAA) have been advocating for use of performance and payment bonds when states and/or localities receive federal grant funds for construction of rural broadband infrastructure projects such as those that are part of President Biden’s infrastructure plan. On March 25, NASBP and SFAA held their first-ever …