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Industry Game-Changers

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.

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Best PracticesMore Like This

The construction insurance industry is constantly changing and the number of available insurance products continues to grow. The result is an increasingly complex market for construction project participants to navigate. Recognizing the need for more flexibility and adaptability, a new and comprehensive insurance exhibit has been created for use in conjunction with the following AIA Documents:

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Managing Your BusinessMore Like This

Sureties and banks, as well as rating agencies and governmental customers, analyze a contractor’s financial strength using different metrics and methods. Liquidity (the ability to meet obligations as they arise) is generally prized as the greatest strength, with leverage and profitability close behind. For bonding purposes, the contractor must understand the surety’s unique approach to liquidity analysis, with the goal being to steer the bonding company—rather than being steered by it.

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Economic OutlookMore Like This

The national construction industry added 8,000 net new jobs on a seasonally adjusted basis in September, according to an analysis by Associated Builders and Contractors (ABC) of a recent release from the U.S. Bureau of Labor Statistics. The nonresidential sector added 11,700 jobs for the month, which means that residential construction lost several thousand jobs. Nonresidential specialty trade contractors paced the segment, adding 8,500 net new jobs on a monthly basis.

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Surety BondingMore Like This

Building a solid foundation for a good relationship with sureties is important to every contractor. Just as with any relationship, it must be built on trust, mutual respect and honest communication. Sureties want to work with contractors that are accountable and proactive. They also expect contractors to have good management skills so that a profit is realized on the majority of their projects.

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Economic OutlookMore Like This

According to the National Bureau of Economic Research, the U.S. economy has gone through eight cycles of recession since 1960. This means the United States has found itself in a correction/recession every eight years in the past 56 years. The economy is now in its seventh year of official growth since 2009. These statistics suggest that in the next 18 to 24 months, the economy will face headwinds, or market correction.

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The construction industry is at a point where performance improvements and productivity gains are required to stay ahead of the competition.

Without the right data in your pocket, it’s nearly impossible to see where improvements can be made. And with disconnected systems–or, even worse, pen and paper–capturing the data you need is nearly impossible. Continue »

Managing Your BusinessMore Like This

Equifax, one of the three largest consumer credit reporting and financial services providers in the nation, announced its data was breached on Sept. 7. The personal information of an estimated 143 million U.S. consumers (44 percent of the population) was stolen from May 13 to July 30. This includes full names, Social Security numbers, birth dates, addresses and, in some instances, driver’s license numbers.

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All contractors have experienced bumps in the road — from surprises to delays to the wrong interpretation of plans. These can add up to a lot of headaches and put a dent in your profit margin. Once a bid is won, why not avoid costly mistakes and errors by taking a more proactive approach? You can then build on this process and apply lessons learned. Let’s review how you can use best practices to keep clients happy — from start to finish. Continue »