Culture is the values, beliefs and methods of operation that drive revenue, create employee engagement and attract and retain only a business owner’s favorite and most profitable kinds of customers. It is the essence of how business is done. It is the way a business operates to contribute to the bottom line.
Regain Lean Momentum and Maximize Results Focusing on Lean Can Help Construction Contractors Generate Strong ROIs
Streamlining projects and improving performance are worthy goals for any company, but particularly for the construction industry, where meeting deadlines and budgets are essential keys to success. Since its development in the 1990s, the Lean methodology has helped companies across a wide range of industries increase profitability and productivity.
Nonresidential construction spending contracted during January, according to analysis of U.S. Census Bureau released by Associated Builders and Contractors (ABC). Nonresidential spending fell 1.9 percent from December to $698.4 billion on a seasonally adjusted, annualized basis. This represents the first month total nonresidential construction spending dipped below $700 billion since July 2016.
For businesses in the construction industry, the success of any project depends on the skill of the team working on it. To improve business outcomes, employers must build strong, talented workforces by recruiting and retaining the right candidates, developing the potential of current employees and taking numerous other steps to achieve workforce excellence.
Anyone who studies history understands that to look back is to look forward, and it seems construction technology follows suit. As construction is rapidly moving into a digital-first world, companies are seeing major shifts in the ways technology helps them streamline practices, reinvent personnel and equipment management and even use virtual and augmented reality to ideate, construct and maintain their buildings. The speedy pace of innovation has heads spinning, often leaving companies feeling a sense of fear from a lack of control.
Watch Out for Bad Boy Guarantees in Commercial Real Estate Financing Construction Contractors Must Understand Common Liability Provisions in Lending Agreements
There was a time when non-recourse financing for commercial real estate projects protected borrowers against personal liability for a loan gone bad. Lenders would look solely to the underlying assets of the project to recover losses when a loan defaulted. However, as times have changed, so too have these protections.
Because the health care sector is very competitive, medical facilities are using their designs to help entice patients from a physical perspective and infrastructure perspective.
The construction industry is in the middle of a time of rapid growth. A hot market is the perfect environment for construction companies of all sizes to take a step back, get a sense of the big picture and strategize ways to grow by branching out into new types of projects.
As communities shift their focus to building “smarter” cities, a huge opportunity exists in the construction industry. In fact, 37 percent of municipal leaders prioritize “smart buildings” as an area for future investment, according to Smart City/Smart Utility, a 2017 Strategic Directions Report by Black & Veatch.
Encourage Employee Engagement to Attract and Retain Millennial Employees Construction Contractors Must Engage Millennials—A Growing Part of the U.S. Workforce
You know who they are. Those unengaged employees who simply show up, do their jobs and then go home, not giving their work a second thought. However, the fully engaged employees also are obvious—those who are clearly passionate about what they do, why they do it and the impact their work is having on the world around them.
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.