On December 22, 2017, the Tax Cuts and Jobs Act (the "Act") was signed into law. The most sweeping tax change since 1986, the Act is intended to encourage economic growth and bring back jobs and profits from overseas by reducing corporate tax rates and providing other incentives. While it may be too soon to analyze the entire Act and to determine if it will achieve the desired results, early signs have been very positive with growth in stocks of home builders and infrastructure companies.
The Commercial general liability ("CGL") carrier’s duty to defend an insured contractor for a claim for defective construction can be a huge cost savings tool. But, contractors should be mindful of the benefits and hazards of tendering a defense to its carrier before doing so. Bryan Kelley with Elmore Goldsmith offers insight on The Duty to Defend.
With more online bidding platforms and bid building tools available, the subcontractor bidding process has never been easier in 2018. However, there are still avoidable and costly mistakes that can frustrate subcontractors. Here are some common and costly mistakes to avoid in the subcontractor bidding process and ways to reduce risks. Read More
The Q1 2018 USG Corporation + U.S. Chamber of Commerce Commercial Construction Index (Index), released today, reveals nearly two-thirds of contractors are highly confident that demand for commercial construction will increase over the next year, however, continued concerns around labor shortages have put even greater pressure on the industry. To increase jobsite efficiency and improve labor productivity, increasingly more builders are turning to alternative construction solutions, like prefabrication and modularization. Read More
Governor Henry McMaster was joined by members of the general assembly and business leaders from around the state for a bill signing ceremony of S.105, a pro-business bill sponsored by Senator Luke Rankin that protects South Carolina businesses from individuals or groups looking to delay construction projects without properly demonstrating legal grounds for doing so. Read More
When contractors think of an OSHA site visit, numerous negative images come to mind, and every contractor is nervous. While being nervous is normal, remembering and implementing three rules will help alleviate some of the stress that comes with an OSHA inspection. The rules are: (1) Plan for the OSHA Inspection; (2) Maintain a Culture of Safety; and (3) Remember that OSHA is not here to help. This is the first of a three-part series that explains these rules. Read More
Home Depot Announces Support for Workforce Development
The Home Depot® Foundation announced a $50 million commitment to train 20,000 tradespeople over the next 10 years in order to fill the growing skilled labor gap. According to the Bureau of Labor Statistics, there are currently 158,000 unfilled construction sector jobs in the U.S. – a number that is expected to increase significantly as tradespeople retire over the next decade.
The Brooking Metropolitan Policy Program released a new report, Examining the Local Value of Economic
Development Incentives: Evidence from Four U.S. Cities, by Joseph Parilla and Sifan Liu. The report explains why U.S. local and state governments deploy $45 billion to $90 billion in economic development incentives each year, reviews decades of evidence on their effectiveness, and then draws on unique transaction-level data between governments and businesses.
The Future Is Now: Setting Yourself Up for Success FMI Corporation, a leading provider of management consulting and investment banking services to engineering and construction, infrastructure and the built environment, is pleased to announce the release of its first "FMI Quarterly" issue for 2018. The publication (co-sponsored by Zurich) comprises a collection of industry insights and strategies focused on technology and long-term industry trends shaping the transformation of today’s
engineering and construction industry. Read More
These new tariffs will cause significant harm to the nation’s construction industry, put tens of thousands of high-paying construction jobs at risk, undermine the President’s proposed infrastructure
initiative and potentially dampen demand for new construction projects for years to come. That is because the newly-imposed tariffs will lead to increases in what construction firms are forced to pay for the many steel and aluminum products that go into a typical construction project. Read More
Associated Builders and Contractors (ABC) today reported that its Construction Backlog Indicator (CBI) expanded to 9.67 months during the fourth quarter of 2017—its highest level ever and a 2.25 percent increase from the prior quarter. Backlog records were broken in the Northeast region, the commercial/industrial
segment and among firms with $30 to $50 million in annual revenues. CBI is up by 1.36 months, or 16.3 percent, on a year-over-year basis. Read More
The 37th Annual North Carolina State Construction Conference will be held on March 29, 2018. The development and implementation of the state’s capital improvement program is a costly and complex process and is the subject of much discussion
and debate. This conference will bring together state agencies and institutions, architects, landscape architects, engineers, contractors, and subcontractors to discuss mutual concerns related to the planning, design, and construction of state projects. Read More
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