With no end currently in sight to the extensive global outbreak of the novel coronavirus — officially named SARS-CoV-2— the U.S. construction industry is already experiencing effects and should brace itself for more to come. One serious implication of the pandemic is its impact on Chinese production, as mass public quarantines, curfews, and travel restrictions implemented…
Making the grade: Why school construction costs are climbing and projects are stalling A roll call of some important education contractors finds that labor and material prices and complex design, health and technology needs are putting pressure on the delivery of school builds. When California-based C.W. Driver Cos. began work on the new 94,000-square-foot K-8 Cadence…
Labor Shortage Makes MD Construction Projects More Costly Some construction projects in Maryland are costing tens of millions of dollars more than original estimates, in large measure because of a lack of skilled He said that the labor shortages in Maryland, and nationally, can be traced back to the Great Recession of 2008 to 2009….
Total Construction Starts Fall 21% in December, End Year Nearly Even with 2018 Dodge data shows nonresidential building starts fell 20%, nonbuilding starts plunged 41% and residential starts lost 4% Dodge Data & Analytics January 21, 2020 <img class=”img-responsive” src=”https://cdn.forconstructionpros.com/files/base/acbm/fcp/image/2020/01/16×9/320w/Dodge_monthly.5e27070c41fd5.jpg” alt=”Dodge Monthly” title=”Dodge Monthly” style=”opacity:1;”> Join Thousands of Fellow Followers Login or register now to…
SEATTLE — Formal presentations to underwriters can help risk managers of construction firms navigate the hardening market when buying or renewing insurance, says a broker. “We do that with several clients,” said Steven D. Davis, Birmingham, Alabama-based senior vice president and director of the construction division at McGriff, Seibels & Williams Inc. He spoke Tuesday…
Commercial insurance prices continue to rise: Marsh Matthew Lerner November 11, 2019 Average commercial insurance pricing increased 7.8% in the third quarter of 2019, the eighth consecutive quarter of average price increases, according to the Marsh Global Insurance Market Index, released Monday. The increase was also the largest since the survey began in 2012, the…
For the first eight months of 2019, the dollar value of U.S. construction starts was almost level with that of 2018, but, according to Alex Carrick, chief economist for ConstructConnect, there has been a shift in the type of projects that are moving forward. Energy-related developments of $1 billion or more with a major engineering…
Dive Brief: The Construction Industry Employee Verification Act (Act No. 75), which requires Pennsylvania construction industry employers to use the federal E-Verify system, will take effect next October. The new law, according to the bill’s co-sponsors, is modeled after similar legislation in Arizona and is designed to ensure that “unscrupulous” construction industry employers do not…
Dive Brief: A new study has found that slow payments are costing general contractors and subcontractors $64 billion a year. This is a $24 billion increase from the 2018 study from construction finance platform Rabbet, formerly Contract Simply, as the company added general contractors to the respondent mix. Rabbet conducted the study in partnership with Procore Technologies…
Construction Sector overview Trends, developments and prospects What is the general state of the construction sector in your jurisdiction, including current trends, notable recent transactions/developments and future prospects? The United States continues to be one of the largest construction markets worldwide, with $1.23 trillion worth of construction in 2017. As recently as April 2018, construction…