Accounting
FMI Releases First Quarter Heavy Civil Construction Index
FMI Corporation, a leading provider of consulting and investment banking services to the built environment, is pleased to announce the release of the first quarter 2021 Heavy Civil Construction Index (HCCI) report, which presents construction spending forecasts for transportation, highway and street construction segments. This quarter’s questions polled participants about capacity, backlog and hiring goals for 2021….
Best Practices for Considering and Implementing ESOPs
Employee stock ownership plans (ESOPs) are employee benefit plans that buy a portion of a company’s shares for employees that become vested over time. These plans have many advantages for businesses, business owners, and employees. Following are three steps that companies should take if they are considering an ESOP implementation. Seek Knowledgeable Advice Companies should seek advice…
DHG Webinar – Year-end Preparation: What You Wish Your Auditors Knew, A Tale from Both Sides
Join DHG on Wednesday, January 13, 2021 for a Webinar featuring a panel of current and former public accountants who will discuss and banter the best practices for your year-end financial statement engagement. What do you wish your auditor knew? What do you wish your client knew? Register for the Webinar and find out. Who…
Banking
BB&T Reinforces Commitment to Eastern North Carolina
BB&T Corporation (NYSE : BBT ) announced it will build an approximately 95,000-square-foot office facility on Pine Street in downtown Wilson, N.C. The new $35 million building will accommodate 650 BB&T associates who are currently working in the twin buildings at 223 West Nash St. or elsewhere in Wilson. BB&T expects to begin site work on…
Infintech Is CFMA’s Newest Affinity Program Partner
The Construction Financial Management Association (CFMA) is proud to introduce its newest Affinity Program Partner, Infintech. Ranked as one of Inc. Magazine’s Fastest Growing Companies, Infintech specializes in business-to-business and construction payment processing. Offering cutting-edge technologies and equipment, at the best prices, Infintech clients can then offer the convenient, secure payment options their customers need….
FMI Advises Enovity on Sale to Veolia
FMI Capital Advisors Inc., a subsidiary of FMI Corporation, is pleased to announce the sale of Enovity, a San Francisco-based energy services firm, to Veolia North America. FMI Capital Advisors acted as the exclusive financial advisor to Enovity for this transaction. Enovity is a strategic acquisition that complements Veolia’s existing SourceOne energy services business. Investing…
Diversity & Inclusion
Burns & McDonnell Launches Together By Design Newsletter Focused on Spotlighting Importance of Business Diversity
Burns & McDonnell is launching Together By Design, a quarterly business diversity newsletter that seeks to advance a community of inclusion. The email newsletter features stories of great opportunity, innovative approaches, and diverse perspectives that can shape best practices for the architecture, engineering and construction industry. Each quarter, Burns & McDonnell will introduce readers to diverse clients,…
Finance / Bonding
Majority of Construction ESOPs Not Significantly Impacted by COVID-19
Prairie Capital Advisors, Inc. (“Prairie”), a leading middle-market investment bank, recently released its ESOP Construction Industry Survey. Prairie works with owners of private construction businesses across the country, providing advisory services to support their growth and ownership transition strategies. Many of its clients in the construction industry have decided on an ESOP as part of…
Cash Flows Versus Profitability
Every business owner knows that cash is king. For a business to be successful, it must have good cash flow. However, for a business to be valuable, it must also be predictably profitable. And as we’ll see, these are not always the same thing. As an example, I recently worked with a business owner, who…
Cherry Bekaert Expands Credits & Incentives Resources and Capabilities with Acquisition of the Tax Advantage Group
Cherry Bekaert LLP (“the firm”) announced the acquisition of the Tax Advantage Group (“TAG”), a specialized consulting firm that provides New Markets Tax Credit (“NMTC”) services to clients across the country. Based in Greenville, SC. TAG will now operate as Tax Advantage Group by Cherry Bekaert, and will bring six experienced professionals to Cherry Bekaert’s Credits…
Government Affairs
AGC: New Immigration Bill Protects The Legal Status Of More Than 100,000 People In Dreamers And TPS Programs Who Work In Construction
Offering Undocumented Immigrants a Path to Legal Status Will Put an End to Unfair Competition and Labor Exploitation, But Bill Fails to Create a Construction Worker Visa Program, Has Other Flaws The Associated General Contractors of America’s chief executive officer, Stephen E. Sandherr, issued the following statement in reaction to the introduction in Congress…
NC Governor Cooper Names Machelle Sanders Dept. of Commerce Secretary
Raleigh, NC – Feb 12, 2021 – Today, Governor Roy Cooper announced that Machelle Sanders, current Secretary of the NC Department of Administration, will now serve as Secretary of the Department of Commerce. Sanders will replace Tony Copeland who stepped down at the end of January. “Machelle has been an outstanding leader in this administration,…
Survey: Corporate PACs Took Unprecedented Action by Broadly Suspending Political Contributions Following Capitol Riot
Following the Capitol riot in early January, some corporations swiftly announced that their political action committees (PACs) ceased donating to federal lawmakers who objected to certification of the presidential election. But the results of a new survey reveal that those announcements represent just part of the story. The Conference Board poll found that only about…
Human Resources
All Business Problems Are People Problems
This June will mark the 10-year anniversary of the sale of a wireless construction company that I built with the help of two business partners. In the nine years that we ran the business and the 10 years that have followed, I have learned so many business lessons and nearly all of them have to…
The Importance of Communication for All Construction Jobs
Communication seems simple enough, until you’re out on the job waiting for instruction. You do not want to be the one holding up the entire project because you don’t know what the next step should be. Communicating with leadership isn’t always as straightforward as it seems, especially in an unpredictable industry like construction. Communication done…
102% Upsurge in Risk for Depression Among U.S. Workers Since February
The risk for depression among U.S. workers has risen an alarming 102% since February, according to findings from the Mental Health Index. The escalating threat of developing depressive mood disorder shows little sign of abating. Between June and July, the risk of depression climbed a staggering 31%. The Mental Health Index: U.S. Worker Edition, powered by Total…
Leadership
Your First 100 Days
Each time a new President moves into the Oval Office there is considerable discussion, anticipation and focus on the first 100 days in office. New Presidents seek to set the tone of their administration and begin to implement the platform and agenda on which they campaigned. The approach also applies to construction businesses. What will the…
The Essential Soft Skills All Construction Workers Need
In the construction industry, laborers are used to hauling materials, managing equipment, and doing the heavy lifting. A great construction worker is used to showing their hard skills on the job site. But what about those all-important soft skills? The talents that land you your next job and help you be the go-to guy on…
The Importance of Happiness and Gratitude
Leaders from across Dixon Hughes Goodman LLP (DHG) gathered for our annual partner meeting earlier this fall. This event is an opportunity for us to come together as ONE DHG to re-energize, learn from one another, and hear from incredible speakers. As part of the meeting, we were honored to feature New York Times bestselling author, Shawn Achor,…
Legal
Elmore Goldsmith Kelley & deHoll, P.A. and Attorneys Recognized by U.S. News- Best Lawyers® 2021
U.S. News – Best Lawyers® released the 2021 “Best Law Firms” rankings and Elmore Goldsmith Kelley & deHoll, P.A. has been recognized in four areas. For the Greenville metropolitan area, the firm has received tier one rankings for Construction Law, Litigation–Construction, Litigation–Securities, and Commercial Litigation. Firms included in this eleventh edition are recognized for professional…
Travelers Teams Up with Procore to Help Contractors Manage Total Cost of Risk
The Travelers Companies, Inc. (NYSE: TRV) today announced an exclusive agreement with Procore, a leading provider of construction management software, to help contractors manage the total cost of risk through improved operations and job-site safety. Procore’s construction platform connects entire project teams, from the office to the field and across companies. This provides key stakeholders –…
Elmore Goldsmith Ranked in Construction Executive’s Top 50 Construction Law Firms™
Elmore Goldsmith has been included in Construction Executive magazine’s list of “The Top 50 Construction Law Firms” in America for 2020. To determine the 2020 ranking, Construction Executive surveyed hundreds of law firms throughout the United States with a construction practice. The ranking considered the number of construction attorneys, the percentage of the firm’s revenues…
Management
How to Apply the Pareto Principle at Work and at Home
The 80/20 rule, also known as the Pareto Principle, is the idea that 20% of your efforts bring 80% of your results. The idea applies to many things in life. 20% of your customers make up 80% of your revenue. 20% of your employees make 80% of the complaints. 20% of your customers are 80%…
Construction Recovers Lost Jobs as Economy Bounces Back in the 3rd Quarter, Reports Marcum Commercial Construction Index
The Marcum Commercial Construction Index for the third quarter of 2020 reports that the industry continues to recover jobs lost from the recession caused by COVID-19. Construction employment has rebounded since plummeting in March and April, and the industry’s unemployment rate stands at 6.8% as of October, just below the 6.9% percent rate observed across all industries….
New Survey of Small Business Shows Slight Uptick in Optimism
Today, the National Small Business Association (NSBA) is releasing a new survey on how COVID-19 is impacting America’s small businesses and what they anticipate in the coming months ahead. The survey shows modest improvements in small-business confidence and economic outlook, and a lower overall impact of the pandemic. “Despite these gains in outlook, COVID-19 continues…
Marketing
Construction Assistance Association Launches New Website
When it comes to advancing diversity and inclusion in the construction industry, Construction Assistance Association (CAA) is at the forefront of the movement. And, the organization has recently launched a brand new website to amplify its message and elevate its members. The new website, www.contractorsassistance.org, is designed to highlight the organization’s mission, membership and programs. “As…
Join the New GroundBreak Carolinas LinkedIn Group
Looking to build your business in 2021? Join the new GroundBreak Carolinas LinkedIn group today! Since 2017, The team at GroundBreak Carolinas has been publishing newsletters every other week with interesting articles, engaging content and thought provoking insights. Since our launch, we’ve been committed to telling the stories of the construction community in the Carolinas….
Seven Key Trends Impacting AEC Marketing In 2021
History has proven that companies that embraced change and disruption have proven to be the most successful. In 2021, marketers will need to pivot and be intentional about adapting and improving their marketing approaches, and building strategies that engage clients and drive the achievement of business goals. During the last year, COVID-19 has certainly disrupted…
Operations Management
9 Tips for Construction Business Owners Looking to Optimize Their Business
Every year there are lists of construction business owners making billions of dollars while others go out of business. Running a business is hard, and it’s even harder in an industry like construction. However, many of these top performing construction businesses have a series of tips and tricks they’ve learned to run a business successfully….
New Website for Outer Banks Pool & Landscape Designer Makes a Splash
Outer Banks Media (OBX Media), a North Carolina-based digital marketing agency specializing in website design, search engine optimization and internet marketing, announces the completion of a website redesign for their client, Southern Scapes Pool & Landscape Design (Southern Scapes). Southern Scapes has been in business since 1998, and is a family owned business specializing in pool…
Integrated Delivery – Why Is It?
Integrated delivery is a delivery method that embraced 360 degree collaboration between all the stakeholders on a project; including designers, consultants, general contractor, subcontractor, vendors, and yes the owner. Design-build (DB) and Integrated Project Delivery (IPD) are two examples of integrated delivery. There are numerous differences between the various contract forms of both DB and…
Risk Management
Dealing with Increasing Cyber Risks in the Construction Industry
The construction industry is embracing technology at an increasingly rapid pace for both project modeling and day-to-day operations. Construction equipment and control systems are also expected to become increasingly automated in the next few years. This undoubtedly makes the construction industry more efficient both in terms of enterprise systems and project completion, but relying on…
Arthur J. Gallagher & Co. Acquires Cain Insurance Services Ltd.
Arthur J. Gallagher & Co. (NYSE: AJG) today announced the acquisition of Fredericton, New Brunswick-based Cain Insurance Services Ltd. Terms of the transaction were not disclosed. Founded in 1986, Cain Insurance Services is a retail property/casualty broker offering commercial and personal insurance to clients throughout the region. Cain has broad expertise, with particular strengths in serving clients in…
Reducing Insurance Costs though Documentation and Data Management
Operating any business, especially a construction business, requires the company to purchase insurance as a form of protection. The costs of insurance can be substantial to ensure the company is adequately covered and protected. Insurance costs tend to increase depending on the level of risk of the company. Besides shopping for competitive insurance policies, are…
Strategy
The Wooten Company Opens New Winston-Salem Regional Office
The Wooten Company, an engineering consulting firm celebrating its 80th anniversary this year, announced on Monday that it has opened a new Regional Office in the Old Salem Historic District of downtown Winston-Salem, NC. Overseen by Regional Manager John Grey, PE, the office was previously located in Asheboro, NC, from where it served the towns,…
Integrated Delivery – Why Is It?
Integrated delivery is a delivery method that embraced 360 degree collaboration between all the stakeholders on a project; including designers, consultants, general contractor, subcontractor, vendors, and yes the owner. Design-build (DB) and Integrated Project Delivery (IPD) are two examples of integrated delivery. There are numerous differences between the various contract forms of both DB and…
Should You Get Out of the Contracting Business?
That may seem like a strange resolution for a contractor. However, it might be the best advice you ever receive. How many people do you think wake up in the morning and say to themselves, “I can’t wait to hire a contractor today?” If you do service work, it’s even worse. No one wakes up…
More Business
Nonresidential Construction Spending Stabilizes in January 2021, Down 5% Since January 2020, Says ABC
National nonresidential construction spending increased 0.9% on a monthly basis in January 2021 but is down 5% since January 2020, according to an Associated Builders and Contractors analysis of data published today by the U.S. Census Bureau. On a seasonally adjusted annualized basis, nonresidential spending totaled $799.1 billion for the month. Spending was up on…
Your First 100 Days
Each time a new President moves into the Oval Office there is considerable discussion, anticipation and focus on the first 100 days in office. New Presidents seek to set the tone of their administration and begin to implement the platform and agenda on which they campaigned. The approach also applies to construction businesses. What will the…
Deloitte: 2021 Engineering and Construction Industry Outlook
Consulting firm Deloitte recently released its outlook on the industry. The construction industry added more than $900 billion to the US economy in the first quarter of 2020—its highest level since the 2008 recession. It employed 7.64 million people in February 2020, also the highest levels since 2008. Then, COVID-19 reached the United States, causing…
CarolinaPower’s Johnny Monroe Elected 2021 President of Charleston Electrical Contractors Association (CECA)
Johnny Monroe, branch manager for CarolinaPower’s Charleston office, has been elected President of the Charleston Electrical Contractors Association (CECA) for the 2021 term. A longtime member of CECA, Monroe previously served as Vice President. CECA is a non-profit association comprised of 65 local electrical contractors and vendors with a common goal of impacting the electrical…
