Accounting
Marcum LLP Unveils Comprehensive 2023 Year-End Tax Guide
With the tax landscape continually evolving, Marcum LLP is proud to announce the release of its 2023 Year-End Tax Guide. Marcum’s 2023 Tax Guide features a detailed analysis of the current tax environment and spans more than 135 pages. Marcum’s tax team meticulously constructs its annual guides to help businesses and individuals navigate the latest changes…
Four Tips for Construction Firms to Reduce the Risk of a Tax Audit
With an ever-expanding web of tax regulations being applied to the construction industry, including construction specific provisions such as energy efficiency credits, tax season can be particularly stressful for construction companies. Construction projects often involve complex financial transactions among dozens of entities, making the specter of an audit particularly daunting. These four tips can help…
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….
Diversity & Inclusion
Business Leaders Continue to Support DEI Initiatives Despite Year of Attacks and Criticism
In the second annual Inclusion Barometer, released today by executive search firm Bridge Partners, business leaders show a continued commitment to diversity, equity, and inclusion. Despite a year filled with attacks and criticisms of DEI programs from some well-known business and civic leaders including Bill Ackman, Elon Musk, and Senator Tom Cotton, 72% of C-Suite and Human Resources leaders…
NAIOP DEI Strategic Pillars: New Committee on DEI
2023 NAIOP Chair Kim Snyder and the NAIOP Board of Directors are proud to announce the adoption of its Diversity Equity and Inclusion (DEI) policy statement by NAIOP, the Commercial Real Estate Development Association. During the board meeting on October 17, held as part of NAIOP’s CRE.Converge conference in Seattle, the board unanimously approved the…
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…
Finance, Bonding, & Insurance
Vantage Risk Introduces U.S. Large Property Insurance
Vantage Group Holdings Ltd. (Vantage) launched today its U.S. Large Property offering through its U.S. insurance subsidiaries, further extending the company’s insurance capabilities for its brokers and clients. Vantage’s new U.S. Large Property team builds on the group’s existing property expertise and sustained portfolio growth. Designed to serve a broad range of middle market and corporate…
Streamline Your Construction Lien Management with Bectran and NCS Credit Integration
Bectran, Inc., the industry leader in credit, collections, and accounts receivable management technology has announced a new collaboration with NCS Credit, a renowned provider of Mechanic’s Lien, UCC, and collections solutions. This partnership unveils an innovative Mechanic’s Lien integration solution tailored specifically for construction professionals, providing users with a streamlined approach to safeguard their projects and efficiently…
Sharp Increase in Economic Confidence across North America
The ACCA and IMA® (Institute of Management Accountants) Global Economic Conditions Survey (GECS) shows confidence rebounded sharply in North America in Q4 in 2023, after a large fall in Q3. Confidence declined among accountants globally for the third consecutive quarter, consistent with a further moderation in global growth. The survey doesn’t suggest that a major downturn is on the…
Government Affairs
ABC Survey: Biden’s Proposed Apprenticeship Rule Will Strongly Discourage Construction Apprenticeship Program Participation
According to the results of a new survey of ABC contractor members and chapters published today, the U.S. Department of Labor’s controversial, 180,000-plus word proposed rule overhauling regulations related to government-registered apprenticeship programs—or GRAPs—will discourage apprentices, contractors and ABC chapter apprenticeship program providers from participating in the government-registered apprenticeship system. “Initial feedback on controversial changes to apprenticeship regulations has been…
AIA Calls on Congress to Repeal the Research and Development Tax Amortization
The American Institute of Architects (AIA) calls on Congress to work in a bipartisan manner to expeditiously pass a funding deal to avoid a government shutdown. Congress should also repeal the harmful Research and Development Tax amortization provision and make it retroactive to cover tax year 2022 to ensure that the tax code continues to…
ABC: NLRB Joint Employer Final Rule Will Harm Small Businesses
Associated Builders and Contractors today released the following statement on the National Labor Relations Board’s joint employer final rule. The final rule rescinds and replaces the ABC-supported 2020 NLRB joint employer final rule, which provided clear criteria for companies to apply when determining their joint employer status. “Unfortunately, the Biden NLRB decided to dramatically expand joint-employer liability under the National Labor…
Human Resources
PAS Contractor Compensation Quarterly – The Marcum Edition: Second Quarter 2024
The Contractor Compensation Quarterly (CCQ) is especially designed for the busy construction executive that needs to keep abreast of competitive compensation and benefit levels within the industry. Based on our survey data, contractors are projecting 2024 construction staff wages to increase an average of 4.38% (excludes 0% projections), reported by 350 companies in this 42nd edition…
ABC Responds to Biden’s Executive Actions on Immigration
Associated Builders and Contractors today released the following statement in response to President Joe Biden’s executive actions on immigration. “The U.S. construction industry faces a workforce shortage of more than half a million, and bipartisan solutions are imperative to address our legal immigration workforce needs,” said Kristen Swearingen, ABC vice president of legislative & political affairs. “Today’s announcement…
HR and Organizational Leaders Must Collaborate to Build an AI Strategy That Enables Success and Mitigates Risk, Says Global HR Advisory Firm McLean & Company
The surge of artificial intelligence (AI) advancement has left many organizations scrambling to adopt the technology to take advantage of the opportunities it promises before considering the necessary safeguards, skills, and capacities required for AI implementation. According to new research from global HR research and advisory firm McLean & Company, the HR division of Info-Tech Research…
Leadership
The Business Impact of Promotions and Measuring Employee Motivation and Commitment: New Findings from the ADP Research Institute
The ADP Research Institute® (ADPRI) reveals the business impact of promotions and presents a new way to measure worker motivation and commitment in Today at Work, a fresh and comprehensive data-driven resource for business leaders and other decision-makers. In the September issue of Today at Work – “The Hidden Truth About Promotions” – ADPRI shows how promotions, under certain conditions,…
Cultivating a Sense of Mindfulness
As a construction leader, you are likely juggling a multitude of responsibilities and demands on a daily basis. Thinking about projects, estimates, safety, employee retention, supply chain issues and payroll can be the source of significant stress. Dealing with a multitude of issues and challenges can be anxiety provoking. However, practicing mindfulness can help you…
Embracing a Rapidly Changing Industry
A convergence of events has disrupted the construction industry. Company and industry leaders are responsible for decisions made in a world that is volatile, uncertain, complex and ambiguous (VUCA). VUCA describes the situation of constant, unpredictable change that is indicative of the environment in construction today. The term was first used by leadership experts in…
Legal
Contech360, LLC to Join FORVIS, LLP Construction Technology Practice
Contech360, LLC, a leading provider of construction technology solutions, is pleased to announce the signing of an asset acquisition agreement with FORVIS, LLP, a leading public accounting and consulting firm. This strategic acquisition marks a significant milestone for both organizations, solidifying their commitment to innovation and growth in the construction technology sector and is expected to close…
FTC Non-Compete Ban: What Employers Need to Know
The Federal Trade Commission’s new rule banning non-compete clauses is effective September 4, 2024 and will impact those in the construction industry. The ban applies to both employees and independent contractors, and pre-existing non-compete agreements will be void. The Federal Trade Commission (FTC) Non-Compete Ban: The ban is broad and invalidates any new non-competes entered…
New Changes to American Arbitration Association (AAA) Construction Rules
Many construction contracts, especially on private projects, contain alternative dispute resolution provisions. These provisions often incorporate the Construction Industry Rules and Mediation Procedures of the American Arbitration Association (AAA). These Rules and Procedures were revised effective March 1, 2024. Among the changes are the following: It is important for those engaged in the construction industry…
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 & BD
CarolinaPower Welcomes Ashley Michie as Marketing Manager
CarolinaPower, a leading employee-owned, regional electrical contractor with four offices in South Carolina, has hired Ashley Michie as Marketing Manager. Based in the firm’s Columbia office, Michie will lead company-wide marketing efforts, including brand management, marketing communications, social media, and special events. Michie has nearly 15 years of business and marketing management experience in the…
What Makes a Website Great? A Comprehensive Guide to Success
Your website is often the first point of contact between your organization and your audience. In today’s digital age, it’s crucial to view your website as an asset that provides solutions and leaves a lasting impression. A great website goes beyond aesthetics; it encompasses a clear purpose, user-centric design, engaging content, and continuous improvements. I…
The Superior Value of Paid Content Partnerships Over Event Sponsorships in B2B Marketing
In the rapidly evolving landscape of business-to-business (B2B) marketing, construction executives are constantly faced with choices on how to allocate their marketing budgets to maximize impact and ROI. While traditional avenues such as one-time event sponsorships have been popular, the digital age beckons a shift towards more sustainable, impactful, and value-driven marketing strategies. Among these,…
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
Mental Health & Wellness: Key Components of Safety for Construction Industry
A growing topic of discussion in the industries we serve is mental health. Although safety has long been a core value of the construction industry, wellness is now gaining traction as a much-needed area of focus. Its importance can’t be understated. Nearly 13 percent of workplace injuries are attributed to fatigue, and more than 40…
What You Need to Know About OSHA’s New Initiatives for the Construction Industry
The U.S. Department of Labor’s Occupational Safety and Health Administration (OSHA) has announced new enforcement initiatives for 2023 which will have a direct impact on the construction industry. These new initiatives are primarily directed at preventing trenching and excavation fatalities, and heat-related injuries and illnesses. State Plan states, including North Carolina, are required to adopt…
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…
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
PAS Contractor Compensation Quarterly – The Marcum Edition: Second Quarter 2024
The Contractor Compensation Quarterly (CCQ) is especially designed for the busy construction executive that needs to keep abreast of competitive compensation and benefit levels within the industry. Based on our survey data, contractors are projecting 2024 construction staff wages to increase an average of 4.38% (excludes 0% projections), reported by 350 companies in this 42nd edition…
Prices of Construction Materials Fall 0.3% in June
Construction input prices fell 0.3% in June compared to the previous month, according to an Associated Builders and Contractors analysis of U.S. Bureau of Labor Statistics Producer Price Index data released today. Nonresidential construction input prices declined 0.4% for the month. Overall construction input prices are 1.1% higher than a year ago, while nonresidential construction…
Dodge Momentum Index Gained 10% in June
The Dodge Momentum Index (DMI), issued by Dodge Construction Network, increased by 10.4% in June to 198.6 (2000=100) from the revised May reading of 179.9. Over the month, commercial planning increased 14.5% and institutional planning ticked up 0.2%. “Data centers continued to dominate planning projects in June – fueling another strong month for commercial planning,” stated…
ABC’s Construction Backlog Indicator Inched Higher in June, Contractors Remain Confident
Associated Builders and Contractors reported today that its Construction Backlog Indicator increased to 8.4 months in June, according to an ABC member survey conducted June 20 to July 3. The reading is down 0.5 months from June 2023. View the full Construction Backlog Indicator and Construction Confidence Index data series. The entire decline in backlog observed…