Construction input prices collectively rose by 1 percent on a monthly basis and 3.8 percent on a year-over-year basis, according to analysis of U.S. Bureau of Labor Statistics data released today by Associated Builders and Contractors. This represents the fastest year-over-year rate of materials price inflation since the beginning of 2012. Nonresidential input prices rose 0.9 percent for the month and are up 4 percent year over year.
Financial Statement Red Flags to Detect Internal Theft Construction Contractors Can Minimize Financial Damage by Recognizing Fraud
Businesses worldwide lose five percent of revenue each year due to occupational fraud committed by their very own employees, according to the Association of Certified Fraud Examiners’ Global Fraud Study for 2016. In 94.5 percent of fraud cases, perpetrators took some effort to hide the fraud by creating or altering physical documents.
Like most businesses, the bottom line of a construction company is extremely important to its owners. But unique to the construction industry is the additional factor of scheduling and the way in which a project’s timeline can impact profit. When an owner is presented with a choice between saving costs or saving time, the choice can be difficult.
In today’s construction landscape, contractors won’t run out of work; but if their accounting strategies aren’t up to par, they will run out of money. The good news is: this is an avoidable issue. The bad news is: many contractors aren’t properly managing cash flow, and with time (approximately five to 10 years), 70 percent of small- to medium-size contractors will be closing their doors.
Typically, disruption in the workplace is counterintuitive to productivity. But in terms of creating innovative ways to manage people, processes and technology, the concept of “disruption” isn’t such a bad thing for the construction industry. Change is stirring whether contractors are ready for it or not, and firms that have adopted new ways of managing scheduling and workflows are seeing stellar results—earning the accolades of repeat projects for key clients, as well as happy project partners.
Contractor tool and equipment theft is commonplace. According to the most recently published National Insurance Crime Bureau (NICB) Heavy Equipment Theft Report, thefts are increasing and recovery rates are less than one in four.
Overall, confidence in the equipment finance market is 73.4, an increase from the December index of 67.5, according to the Equipment Leasing & Finance Foundation’s January 2017 Monthly Confidence Index for the Equipment Finance Industry (MCI-EFI). January marks the highest index since the MCI was launched in May 2009 to track recovery after the 2008 downturn.
With many new green flooring material trends on the rise, choosing the right material for application and LEED certification can be difficult. Following are the top flooring materials to help keep projects LEED-certified.
On Nov. 22, 2016, the Eastern District Court of Texas issued an injunction blocking the implementation of the Department of Labor’s (DOL) Overtime Rules, which were set to go into effect Dec. 1, 2016.
The new presidential administration is poised to lead to a number of proposed tax and regulatory changes, many of which will impact the construction industry.
Turn Inefficient Pools Into Assets During Commercial Renovations Construction Contractors Experienced in Indoor Can Lower Energy Consumption and Improve Indoor Air Quality
Swimming pools can be found in most American hotels and have been a mainstay of institutional construction for decades. While more modern and newly built facilities benefit from advanced environmental controls, upgrading indoor pools in older buildings is a unique opportunity for contractors to improve buildings’ air quality and energy consumption.