News and current information for our surety bond clients.
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 …
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 >>>
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 …
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 …
More than two years after the $18.8 million La Canada Drive widening was largely finished, the legal battle that flared up in its wake between Pima County and the main contractor for the project is now largely concluded. In early April, the Western Surety Co. – acting as the attorney for contractor Select Development and Construction – agreed to a …
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 …
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 …
The contractor in charge of a project to provide aeration pump upgrades and sludge removal at the Kealakehe Wastewater Treatment Plant has defaulted, and dredging of the facility’s sludge ponds has come to a temporary halt, according to the Department of Environmental Management (DEM). Tell me more >>>
With demand for housing high in the DC area and a constrained supply, one may assume that the price of a new condo is climbing. However, a recent report by Delta Associates shows that while more new condos were sold in the first quarter of 2017 than during the same period last year, prices have flattened regionwide. Read the full …
Work will likely resume soon on the nearly completed McLean County Regional Water Plant project, two months after the bankruptcy of Evansville contractors Peyronnin Construction brought most of the work at the Calhoun site to a standstill. Bill Quisenberry, attorney for the McLean County Regional Water Commission, said when Peyronnin filed bankruptcy Jan. 9, a trustee was appointed by a …
