The construction industry has a well-known skills gap - not enough workers with the right skills to meet demand. Given the building boom throughout much of the U.S. and the fact that many baby boomers are reaching retirement age - without enough younger workers to replace them - the wider adoption of technology has been touted as the way to make up the difference.

While many of the fundamentals of marketing are the same for construction companies and businesses in other industries, marketing a construction business requires some specific expertise. Whether you are in residential or commercial construction, the sales process is typically longer for a big investment like construction than for a retail business.

The construction industry is more susceptible to certain types of fraud than other industries due to the nature of the work. The companies may be smaller in size leading to fewer resources to combat fraud and more trust among employees. Also, construction companies inherently deal with many vendors, subcontractors, bidding organizations and other various third parties, which can all pose fraud risks.

Despite ongoing concerns about skilled worker shortages and volatile materials prices, construction executives remain bullish about the prospects for the nonresidential construction sector, according to Associated Builders and Contractors’ April 2019 Construction Confidence Index. All three principal components measured by the survey - sales, profit margins and staffing levels - remain well above the diffusion index threshold of 50, signaling ongoing expansion in construction activity. 

It is undeniable that the construction industry is experiencing a period of expansion and success since the gloomy years of the great recession. This rapid growth in the volume of new construction has created unique opportunities for millennials to enter an industry in which entry-level positions are bountiful and the compensation is enticing.

Total housing starts dropped 0.9% during May, more than doubling the slide predicted by economists’ consensus forecast. Monthly housing-construction estimates by the U.S. Commerce Department show a 10.9% rise in volatile multifamily starts was not enough to offset a 6.4% decline in single-family units.

There is risk involved in any construction job. With so many variables at play, so many hazards and potentially dangerous conditions, there is no realistic way to eliminate it. So, it is up to contractors and project managers to mitigate what risks they can through the means available to them.

A renewed boost in confidence, along with some new insight into how contractors view the green building market, is front and center in the second-quarter Commercial Construction Index (CCI) just released by USG Corp. and the U.S. Chamber of Commerce. The turnaround in optimism should come as a relief to contractors, since last quarter's survey saw the index's primary drivers - backlog, confidence in new business and expected revenue - all take a hit to their scores quarter over quarter.

As the commercial construction industry continues to evolve and grow, design-build methodologies are becoming increasingly popular for their ability to speed completion rates, control costs and produce an overall more efficient process under the guidance of the design-build contractor (DBC). The Design-Build Institute of America (DBIA) predicts that “over half of owners have already or will use design-build in the next five years” due to the opportunities it provides for innovation and fast-tracking projects.

“Blockchain” is expected to make inroads throughout the industry. The technology that first emerged by serving as the framework behind the cryptocurrency Bitcoin is sometimes poorly understood and less-often discussed outside of the cryptocurrency arena, but it is poised to enhance the industry in many ways, including some ways we probably can’t yet imagine.

When long term care is needed, there are only a few options available to pay for those types of expenses. Genworth Life Insurance Company and CISCA are working together to provide members with access to long term care insurance protection.

This one-hour session will provide a quick overview of recent recordkeeping developments, followed by a review of the decision logic used to determine which cases should be recorded. Special emphasis will be given to how to decide if a case is work-related under OSHA since this part of the process is where most struggle.

Traditionally, carriers do not have an appetite for covering a contractor’s failure to perform their work properly. There is one exception, which is coverage is available for ensuing loss - or the resulting damage to other property from faulty workmanship. If the excluded cause of loss (i.e., faulty workmanship) causes resultant damage, the builder’s risk policy will cover the damages to the extent the peril of fire is covered.

Not everyone is born to be a leader. The good news is that leadership skills can be developed, opening the door to career advancement and higher wages for many in the construction industry. According to leadership expert Tery Tennant, the first step is recognizing what a good leader actually is.