Although the general economy shows signs of a slow recovery, construction spending remains below November 2006 levels. When the construction playing field changed drastically as a result of the 2008 financial crisis, contractors found themselves spending more money chasing projects with significantly more competition and lower profit margins. Many were not financially or operationally prepared for this shift. Some did not survive, but many did through careful planning, confident leadership and solid decision-making. A key to survival was a close partnership between contractors and their critical advisors, including accountants, banks, insurance agents and sureties. Continue »
Tom Rees is vice president and senior contract underwriting officer at Liberty Mutual Surety. For more information, call (610) 832-8213.