Accounting
Weakened Economy and Higher Borrowing Costs Dog Construction Industry, Reports Marcum Survey
The Marcum Commercial Construction Index for the second quarter of 2022 reports that the construction industry continues to face rising costs and shortages of both labor and materials, but now also must contend with a weakening economy and elevated borrowing costs. Notably, the residential sector has weakened significantly, while the outlook remains dicey for the nonresidential sector….
Aprio to Welcome North Carolina-based firm Ladd Robbins
Today Aprio, LLP, a top 35 business advisory and CPA firm, announced that North Carolina-based Ladd Robbins CPAs and Consultants (Ladd Robbins) will join Aprio on October 1, 2022. For more than 20 years Ladd Robbins has served clients in 20+ states across the U.S., focusing on healthcare practices including dental and optometry. As part of Aprio, Ladd…
Introducing FORVIS: New Name for Planned Merger of BKD and DHG Reflects the Firm’s Forward Vision
CHARLOTTE, N.C. and SPRINGFIELD, Mo. – The newest entrant among the nation’s Top-10 professional services firms will be called FORVIS. The name was jointly announced in April by the leaders of BKD and DHG. The two firms agreed to a merger of equals in February, with an effective date of June 1, to create an enhanced, Top-10,…
Banking
FMI Capital Advisors Releases 2022 Construction Materials Outlook
FMI Capital Advisors, a leading investment banking firm for companies that work and invest in the built environment, released its 2022 Construction Materials (CM) Outlook report entitled, “Seizing the Opportunities Ahead.” The report provides a brief recap of last year’s M&A activity and summarizes key drivers and challenges for the CM industry in 2022 and…
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….
Diversity & Inclusion
ICSC and Partner Associations Form the Commercial Real Estate Diverse Supplier Consortium
The International Council of Shopping Centers (ICSC) announced their participation in an industry-wide alliance to foster supplier diversity in the real estate industry. The Commercial Real Estate Diverse Supplier (CREDS) Consortium, made up of seven real estate trade associations, aims to meet growing interest from companies in real estate to further diversify their supply chains while…
Results of New Survey Recommend Steps to Improve Diversity, Equity and Inclusion in Design and Construction Industry
Today, Dodge Construction Network and the U.S. General Services Administration (GSA) released the findings of a new industry survey in that shows more work is needed among architecture firms and construction companies to improve diversity, equity and inclusion (DEI) in their industry. The Diversity, Equity and Inclusion SmartMarket report also details the organizational and business benefits of doing so. The Request…
Equity in Architectural Education Guides Now Available
The American Institute of Architects (AIA) and the Association of Collegiate Schools of Architecture (ACSA) have published a supplementary edition of the Guides for Equitable Practice, focusing on schools and institutions. Equity in Architectural Education provides actions and prompts intended to inspire discussions about creating welcoming environments to attract and retain those currently underrepresented in academia and in…
Finance / Bonding
FMI Corporation Acquires Investment Bank SLATE Partners
Co-founded by Aaron Bachik and Jason Munoz in 2014, SLATE Partners provides sell-side and buy-side mergers and acquisitions (M&A) advisory services to companies in the building materials and building services industries nationwide. The firm’s clients include family and entrepreneur-owned businesses as well as private equity-backed companies. The acquisition of SLATE Partners brings significant complementary talent…
BuildersRisk.Net Insurance Succeeds Sells 2554 Policies During 2021
The construction segment has faced many challenges during the COVID-19 pandemic, from supply chain disruptions and material shortages to social distancing requirements and sick workers. After a turbulent market in 2020, certain lines of business are experiencing some stabilization. However, 2021 was a banner year for the construction industry, and until today, consumer appetite for new…
Built Helps Construction Lenders Manage Risk with Project Pro
Built Technologies (Built), the fastest growing construction finance platform in the U.S., today announced Project Pro, the first-of-its-kind contractor management and project monitoring solution for lenders. Construction lenders around the world are limited in their ability to monitor and manage the risks of their construction portfolio. They often lack specialized tools built for construction financing that…
Government Affairs
ABC Opposes the Biden Administration’s New Independent Contractor Proposed Rule
Associated Builders and Contractors today responded to the U.S. Department of Labor’s announcement of a proposed rule to rescind and replace a commonsense, ABC-supported final regulation on independent contractors. “ABC is deeply disappointed that the Biden DOL is moving forward with a proposed rule that will disrupt legitimate independent contractors, which are an essential component of the…
CAGC Delegation Lobbies Carolinas Congressional Delegation for Construction Support at NCLC
Last week CAGC leaders, including members and staff, met in Washington, D.C. with Congressional Delegations from the Carolinas to urge their support of infrastructure and Career Technical Education (CTE) funding, and to oppose mandatory Project Labor Agreements pushed by unions, burdensome Buy America provisions that will create unnecessary red tape and proposed heat standards that…
President Biden’s Inflationary PLA Schemes Hurt Taxpayers and Construction Job Creators
Associated Builders and Contractors today released the following statement in response to the publication of a proposed rule, Federal Acquisition Regulation: Use of Project Labor Agreements for Federal Construction Projects, implementing President Biden’s Executive Order 14063, which requires federal construction contracts of $35 million or more to be subjected to controversial project labor agreements. “The Biden administration continues…
Human Resources
Mentoring in Construction: Benefits and Best Practices
Mentoring is important for professional development of employees in all roles in the construction industry. At its core, mentoring is a learning relationship. Mentorship relationships can be a two-way street, where both the mentor as well as the mentee are able to learn, grow and support one another. As the construction industry faces unprecedented talent challenges,…
Understanding Zoomers: What Drives Them and Their Impact on the Future
Generation Z is growing up. Sandwiched between Millennials and Generation Alpha, this group is emerging as an influential demographic and driving impactful change that will shape our future in ways we haven’t seen before. This demographic, also known as Zoomers, is the largest generation on Earth, ranging in age from 10 to 25. While we…
Construction Sector Adds 25,000 Employees In January As Firms Raise Pay Faster Than Overall Private Sector In Bid To Attract More Workers
Industry Employment Hits New Record Amid Strong Demand, But Firms Would Have Hired Even More Workers as Construction Officials Call for Measures to Enable More People to Work in the Industry Construction firms added 25,000 employees in January and raised wages for hourly workers more steeply than other sectors, according to an analysis by the Associated General…
Leadership
Egnyte’s Annual AEC Summit to Provide Insights on the Important Role of Technology in the AEC Industries
Egnyte, the secure platform for content collaboration and governance, will host a virtual summit bringing together technology and business experts across the architecture, engineering and construction (AEC) sectors to talk about the challenges companies face in today’s economy and how technology can make these businesses more resilient in the face of economic uncertainty. The AEC Summit will…
Tomorrow May Never Come
None of us knows how much time we have, so don’t put off making the changes you need to make in your life. On January 6, my wife and I spent about an hour and a half in the office of our friend and insurance agent, Brant Barnes, talking about flying (he became a pilot…
Study Shows What Soccer Can Teach Managers About Hiring Top Talent
With the 2022 FIFA World Cup tournament underway as the world’s most widely viewed and followed sporting event, it’s also an opportunity for players to impress scouts from major clubs with holes in their rosters. Relatedly, recent research co-authored by management professor Gilad Chen at the University of Maryland’s Robert H. Smith School of Business reveals how and when teams can make…
Legal
What’s in a Name? Why Your Business May Need to Update its Assumed Name
Do you operate your business in North Carolina under an assumed name? If so, it is important to ensure your assumed name is still effective given statutory changes effective December 1, 2022. What is an assumed name? Assumed names are a common feature of doing business in North Carolina. In general, an assumed name is a…
Construction Law: Poyner Spruill LLP Welcomes Jamie Blue as Associate in Raleigh Office
Poyner Spruill LLP is pleased to welcome new associate, Jamie Blue, based in the Raleigh office. Blue represents commercial construction clients — including developers, architects, owners, sureties, general contractors, and suppliers — in all phases of construction law. In addition to being a North Carolina-licensed lawyer, Blue is also a licensed North Carolina Professional Engineer….
Need Construction Legal Advice? Look No Further Than Poyner Spruill’s Matt Bouchard
On any given day, you can find Poyner Spruill LLP partner Matt Bouchard busy negotiating commercial construction contracts, resolving multi-million dollar disputes, or counseling clients on successful project completion. Bouchard leads the firm’s Construction Law Practice Area, a group of five attorneys who focus on commercial construction matters in the Carolinas. The team handles everything…
Management
CEO Confidence and Consumer Demands on the Rise: Marcum-Hofstra CEO Survey
Middle-market CEOs are feeling better about the current business climate and less fearful the economy will fall into recession, according to the latest CEO survey from Marcum LLP and Hofstra University’s Frank G. Zarb School of Business. Highlights of the survey, conducted earlier this month, also reveal that about a quarter of companies have begun to use artificial…
Improving Organizational Self-Image
Improving this will not only help you attract and keep good people, but it will also bring in new clients. Everyone keeps talking about how difficult it is to find and keep truly outstanding people in their firms. There’s a little secret on how to do that – one that I have never seen anyone write…
The Conference Board Leading Economic Index® (LEI) for the U.S. Fell Further in July
The Conference Board Leading Economic Index® (LEI) for the U.S. decreased by 0.4 percent in July 2022 to 116.6 (2016=100), after declining by 0.7 percent in June. The LEI was down by 1.6 percent over the six-month period from January to July 2022, a reversal from its 1.6 percent growth over the previous six months. “The US LEI declined for a…
Marketing
Are Your Employees Listening? Connecting through Podcasts
In today’s world, employees and clients are inundated with news and messages constantly, not to mention juggling remote work, jobsite visits, and interacting with clients. Team members can feel disengaged, disconnected, and uninspired. How can you connect and reach them? ECS recently launched a podcast to engage with our employees and clients for this reason….
Egnyte’s Annual AEC Summit to Provide Insights on the Important Role of Technology in the AEC Industries
Egnyte, the secure platform for content collaboration and governance, will host a virtual summit bringing together technology and business experts across the architecture, engineering and construction (AEC) sectors to talk about the challenges companies face in today’s economy and how technology can make these businesses more resilient in the face of economic uncertainty. The AEC Summit will…
SMPS SERC to be Held in Wilmington, NC
Marketers and business developers from the architecture, engineering and construction industries will descend on Wilmington, NC for the Society of Marketing for Professional Services (SMPS) Southeast Regional Conference (SERC), March 20-24, 2023. The 2023 SMPS SERC Planning Committee and the Research Triangle Chapter will be hosting the event at the Wilmington Convention Center in the…
Operations Management
Chemistry for a Successful Project Team
I recently had the opportunity to serve as a judge to evaluate entries for the 2022 ABC Carolinas Excellence in Construction (EIC) Awards competition. The mechanical contracting firm from which I recently retired had been successful in winning multiple awards from ABCC over the years; however, judging was a new experience for me. Being the “old…
Nick Skrobola Promoted to Project Manager at McCrory Construction
McCrory Construction announces the promotion of Nick Skrobola to Project Manager. Skrobola has a decade of construction industry experience and is currently working on a 150,000-square-foot warehouse and machine/maintenance shop in Anderson, S.C. “Nick has a can-do attitude that has served McCrory well on some of our most complex projects. He has demonstrated leadership qualities…
McCrory Construction Promotes Seth Dunnagan to Project Manager
Columbia, South Carolina — McCrory Construction announces the promotion of Seth Dunnagan to Project Manager. Over the past three years, Dunnagan has served in various project management roles for the firm’s Retail Division, managing several Walmart projects around the Carolinas, Georgia and Tennessee. A graduate of Clemson University with a degree in Environmental Engineering, he…
Risk Management
Owens Insurance Agency Celebrates 70 Years in Business
Greer, South Carolina – As 2022 comes to a close, Owens Insurance Agency, an independent insurance agency serving the construction industry in the Upstate of South Carolina and beyond, is wrapping up a year-long anniversary celebration marking 70 years in business. Owens is now under third-generation ownership. Owens Insurance first opened its doors in downtown…
Sandra Johnson Promoted to Director of Operations for Owens Insurance Agency, Specialists in Serving Contractors
Owens Insurance Agency, an independent insurance agency with a 70-year presence in the Upstate, has promoted Sandra Johnson, CISR, INS, SM, to Director of Operations. Johnson serves as the point of contact for the agency’s carriers and is responsible for overseeing the agency’s administrative functions. She is based in Owens Insurance’s home office in Greer,…
Chad Hannon Promoted to Market President for Owens Insurance Agency, Specialists in Serving Contractors
Owens Insurance Agency, an independent insurance agency with a 70-year presence in the Upstate region of South Carolina, has promoted Chad Hannon, CLCS, to Market President for the agency’s home office in Greer, South Carolina. In this role, Hannon will focus on continuing to grow the commercial side of the business, which accounts for about…
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
What’s in a Name? Why Your Business May Need to Update its Assumed Name
Do you operate your business in North Carolina under an assumed name? If so, it is important to ensure your assumed name is still effective given statutory changes effective December 1, 2022. What is an assumed name? Assumed names are a common feature of doing business in North Carolina. In general, an assumed name is a…
Understanding AI and ChatGPT for Construction Marketing
As technology continues to evolve, construction marketers are constantly seeking new ways to streamline their processes and improve their effectiveness. Tools based on Artificial Intelligence (AI), the ability of machines to perform tasks that would normally require human intelligence, are accelerating in user adoption. One tool that is becoming increasingly popular among construction marketers is…
Construction Law: Poyner Spruill LLP Welcomes Jamie Blue as Associate in Raleigh Office
Poyner Spruill LLP is pleased to welcome new associate, Jamie Blue, based in the Raleigh office. Blue represents commercial construction clients — including developers, architects, owners, sureties, general contractors, and suppliers — in all phases of construction law. In addition to being a North Carolina-licensed lawyer, Blue is also a licensed North Carolina Professional Engineer….
Construction Input Costs Rise 0.4 Percent In February, Outpacing Bid-Price Increase Of 0.1 Percent, As Wide Variety Of Materials Posts Price Gains
Large Increases Hit Price Indexes for Flat Glass, Metals, Cement, and Paving Materials; Association Officials Urge Federal Leaders to Ease Proposed Rules that Will Make Products Even More Expensive The price of materials and services used in nonresidential construction increased by 0.4 percent from January to February, outpacing the 0.1 percent increase in contractors’ bid…
