Once again this year, three leading design and construction industry service providers have teamed to sponsor the Salute to the Design and Construction Industry. The GroundBreak Carolinas’ staff had three questions for each of this year’s sponsors: BB&T Construction Risk Services What are the key trends impacting your business (or client’s business)? Construction project financing…
Accounting
The Tax Cuts and Jobs Act: Top 10 Focus Areas for Carolinas Contractors
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…
McCrory Construction’s Becky Brown Earns CCIFP Designation, Promoted to Controller
Columbia, South Carolina — McCrory Construction is pleased to announce that Becky Brown has been promoted to Controller. Brown recently became a Certified Construction Industry Financial Professional (CCIFP), joining an elite group of professionals nationwide. The CCIFP credential gives special recognition to individuals in construction financial management who demonstrate skill and proficiency in their field…
Four Ratios that Guide the Performance of your Construction Business
Financial indicators such as the liquidity ratios, leverage ratios, efficiency ratios and profitability ratios can be used to gauge the performance of your business. With the analysis of these ratios, you will be able to make the informed and right decisions for your business. The following are the top four types; Liquidity Ratios These are…
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…
Finance / Bonding
Palmetto, a Charleston, SC-based Clean Energy Tech Company, Raises $6 Million in Funding
Palmetto, a clean technology company focused on the distribution and democratization of clean energy products, announced today that it has raised $6 million. The round was led by Greycroft, with participation from Lerer Hippeau, Box Group, and NBA commissioner emeritus David Stern. Palmetto harnesses its expertise in software, fulfillment, and financial solutions to streamline the…
Al Johnson: Still Motivated after 60 Years in the Surety Business
After 60 years in the surety business, Al Johnson has no plans for a traditional retirement. In fact, the 87-year-old continues to service a handful of longtime clients and looks forward to going into the office several days per week. For the past 25 years, Johnson has been associated with McGriff Insurance Services (formerly BB&T Boyle…
Views from the Salute to the Design and Construction Industry Sponsors
Once again this year, three leading design and construction industry service providers have teamed to sponsor the Salute to the Design and Construction Industry. The GroundBreak Carolinas’ staff had three questions for each of this year’s sponsors: BB&T Construction Risk Services What are the key trends impacting your business (or client’s business)? Construction project financing…
Four Ratios that Guide the Performance of your Construction Business
Financial indicators such as the liquidity ratios, leverage ratios, efficiency ratios and profitability ratios can be used to gauge the performance of your business. With the analysis of these ratios, you will be able to make the informed and right decisions for your business. The following are the top four types; Liquidity Ratios These are…
Government Affairs
CAGC Leaders Head to the Hill to Promote Key Construction Issues, Celebrate AGC of America’s 100th Anniversary
Carolinas AGC representatives this month were among dozens of AGC leaders who visited with key members of Congress – including U.S. Sen. Lindsey Graham, R-SC, and Rep. Joe Wilson, R-2nd District, SC– to promote infrastructure funding, regulatory and permanent tax reform, and an immigration climate that could help provide badly needed relief for the nation’s…
Carolina Construction Leaders Visit Washington DC
Over 25 leaders from North Carolina and South Carolina construction firms recently visited U.S. Senators and Representatives in Washington, DC. The construction leaders participated in the annual Associated Builders and Contractors (ABC) Legislative Conference (LegCon). “Whether you are new or well established in the political arena of lobbying, the Merit Shop Construction Industry relies on our…
Labor Secretary Alexander Acosta Visits NC to Learn About Construction Workforce Development
Winston-Salem, N.C. – Associated Builders and Contractors (ABC) of the Carolinas (ABC Carolinas) welcomed U.S. Secretary of Labor, R. Alexander Acosta, and Chairwoman of the House Education and Workforce Committee, U.S. Representative Virginia Foxx of North Carolina’s 5th Congressional District, to an active construction site in downtown Winston-Salem last week. Omega Construction’s Hotel Indigo project, a…
ABC of the Carolinas Hosts 9th Annual Hard Hat Legislative Day in Columbia, SC
Columbia, S.C. – The Associated Builders and Contractors (ABC) of the Carolinas continued tradition this month when it hosted its ninth annual Hard Hat Legislative Day in Columbia on Tuesday, April 10. Each spring, about 100 ABC Carolinas members – representing general contractors, specialty contractors, suppliers, and service providers – gather for the association’s annual “advocacy day” at the…
Human Resources
FlexJobs’ Survey Explores Varying Workplace Attitudes of Millennials and Older Workers
FlexJobs released new insights from its August 2018 survey, which gathered responses from over 3,000 workers about key topics related to career, work flexibility, and workplace issues. FlexJobs specifically analyzed and compared responses from members of the millennial generation with those who identified with the baby boomer or silent generation to uncover differences and similarities…
51% of U.S. Employees Overall Satisfied with Their Job
With Labor Day this week, The Conference Board’s latest survey on job satisfaction finds that 51 percent of U.S. employees feel overall satisfied with their job. The results also show that, over the last seven years, employee attitudes about wages and job security experienced the biggest improvements. However, workers feel quite disappointed with their job’s…
U.S. Workers Sound Off on Wages
There’s good news and bad news when it comes to how satisfied U.S. workers are with their compensation. The good: 49 percent of professionals surveyed by global staffing firm Robert Half feel they are paid fairly at their jobs. The bad: 46 percent think they are underpaid. The remaining 5 percent admitted to feeling overpaid….
Eighty Percent of Construction Firms Facing Challenges Finding Skilled Workers
Three out of Four Metros Added Construction Jobs in Past Year, But Nationwide Shortage of Skilled Workers Has Raised the Cost of Construction and Delayed Project Schedules, Putting Broader Economic Growth at Risk Eighty percent of construction firms report they are having a hard time filling hourly craft positions that represent the bulk of the…
Leadership
The Real Cost of Poor Leadership
As I left the man’s office, I couldn’t help but think his company was succeeding despite him. It could have been the way he talked in terms of “I” instead of “we,” how he talked about making all the decisions instead of empowering his people, or how most of his people worked there not because…
Leadership and Compassion – A Powerful Combination
Compassion is a fundamental pillar for highly effective leadership, however, it may not always enjoy the level of importance it deserves! Let’s explore some basics and the related implications…. What is compassion in practical terms? I found an appealing explanation of the term compassion at the “Greater Good” website and they state it as the…
Gilbane’s Paul Sullivan Named to the BD+C Class of 2016
Paul Sullivan, Vice President for Gilbane Building Company in Durham, North Carolina, was named to the prestigious Class of 2016 for Building Design + Construction’s annual 40 Under 40 awards. Having helped grow Gilbane’s North Carolina business unit to over $300 million in revenue in just five years is testament to why Sullivan was selected to the…
Gold Shovel Standard adds North Carolina Representative to Board of Directors
Gold Shovel Standard, a nonprofit association created to provide a first-of-its-kind excavation safety program, today announced that Allen S Gray has joined the Gold Shovel Standard Board of Directors. Mr. Gray currently serves as NC/SC Government Relations, Utility Division Director for Carolinas AGC (CAGC), which is a construction trade association made up of contractors and…
Legal
Elmore Goldsmith, P.A. Receives Tier One Rankings in U.S. News – Best Lawyers® 2019 “Best Law Firms”
Greenville, SC – U.S. News – Best Lawyers® released the 2019 “Best Law Firms” rankings and Elmore Goldsmith, P.A., has been recognized in three areas. For the Greenville metropolitan area, the firm has received tier one rankings for Construction Law, Litigation – Construction, and Litigation – Securities. Firms included in this ninth edition are recognized…
Changes to Contractor Licensing Laws for 2018
The last legislative session in South Carolina saw a change in South Carolina’s contractor licensing laws. South Carolina has five different general contractor licensing groups. Each license group is determinative of the dollar value of work that a general contractor could perform and each with its own net worth requirement ranging from $10,000 to $250,000….
Hurricane Impacts Increase Defect Risk, According to First American’s Loan Application Defect Index
First American Financial Corporation (NYSE: FAF), a leading global provider of title insurance, settlement services and risk solutions for real estate transactions, today released the First American Loan Application Defect Index for August 2018, which estimates the frequency of defects, fraudulence and misrepresentation in the information submitted in mortgage loan applications. The Defect Index reflects…
Pay-If-Paid vs. Pay-When-Paid – Know the Local Law!
“Pay-if-paid” and “pay-when-paid” clauses are commonly found in construction contracts. Their potential benefit – at least to the upstream contractor – is obvious: if the clause is interpreted literally, risk of non-payment from an owner or general contractor is pushed downstream. In other words, the contractor is under no obligation to pay his subcontractors unless…
Management
Business Lessons from a Professional Athlete
We use sports analogies often in the business world. Winning comes from motivation and determination. Practicing hard and focusing on the details will lead us to victory. Never give up until the game is over. The phrases could go on. But very rarely do those of us in business consider the possibility that a practicing…
Construction Employment Rises in 45 States
Forty-five states and the District of Columbia added construction jobs between July 2017 and July 2018, while 29 states and D.C. added construction jobs between June and July, according to an analysis by the Associated General Contractors of America of Labor Department data released today. Association officials cautioned that continued job gains may depend on…
DOL Announces New Pilot Program to Expedite Resolution of Wage Violations
The Wage and Hour Division (WHD) has announced a new nationwide pilot program, the Payroll Audit Independent Determination (PAID) program, which facilitates resolution of potential overtime and minimum wage violations under the Fair Labor Standards Act (FLSA). The program’s primary objectives are to resolve such claims expeditiously and without litigation, to improve employers’ compliance with…
The Top Issues Facing Construction in 2018
Several industry surveys and reports forecast continued growth in the construction industry. Albeit, the growth shows a modest 4.8% increase, different from the double-digit growth in previous years. Regardless, there is still a general sense of optimism. With continued growth and positive outlook in the construction industry, what can possible be keeping construction executives up…
Marketing
Constant Contact Adds New Facebook, Automation and Branding Tools to Marketing Platform
Constant Contact, an Endurance International Group (NASDAQ : EIGI) company and leader in small business marketing solutions, continues to evolve its platform with the launch of a new suite of tools that allows even the most inexperienced small businesses to benefit from sophisticated marketing. Designed, tested and proven to deliver ease of use and more results to…
Marketing Trends Impacting Construction
Technology and consumer behavior continue to evolve, having a significant impact on how marketers in the architecture, engineering and construction (AEC) industry plan and execute their tactics. The “rules” change on a regular basis, so keeping a pulse on current trends will help AEC firms improve their marketing effectiveness. There are 10 key trends to…
Recent Tragedies Remind Us of the Importance of a Crisis Communications Plan
The tragedy on Florida International University’s campus recently that resulted in six deaths and multiple injuries is a reminder to us the necessity of having a crisis communications plan. When tragedy occurs and the news spreads quickly, having a plan in place that can be easily implemented is key. No matter your organizational structure or…
Tips for AEC Project Photography
A good A/E/C photographer will help you build your portfolio of marketing images so that your clients can see the diversity of your projects in the most favorable manner possible. Your masterpiece may look nice in person, but what if your potential clients are too busy to experience it first hand? Hiring the right A/E/C…
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…
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…
Risk Management
Sentinel Presents “An Evening with Dr. Harry Broadman: Gaining Advantage in the Global Economy”
Renowned economist Dr. Harry Broadman will offer groundbreaking insights to shape how North Carolina businesses can and should gain advantage in the global economy at upcoming speaking engagements in Charlotte and Raleigh. Sentinel will host Broadman on November 7 at the Mint Museum Uptown in Charlotte, and on November 8 at the Carolina Country Club…
Why You Should Consider Builder’s Risk Insurance
Construction is a risky business, which is why builder’s risk insurance can help your business. Unforeseeable forces, like fire or other natural disasters, can destroy or damage new construction. They can also push back the timeline causing financial harm to owners and subcontractors. What is Builder’s Risk Insurance Builder’s risk insurance is a type of…
Construction Defect Limitations Periods and the Duration of Your Risk in the Carolinas
Contractors often understandably assume that the end of a contractual warranty period marks the end of their potential liability on a project. Unfortunately, while a warranty can effectively limit obligations to make certain repairs, liability for defective construction does not end with the warranty. Instead, the duration of risk is primarily determined by two types…
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…
Improving Leadership Effectiveness
In a previous issue of The Garrison Report, I discussed effective leadership. Using the following techniques will improve your leadership effectiveness and allow you to deliver a lot more value to your organization. 1. Have a list of people to whom you can delegate certain issues. We all have challenges, opportunities, problems or important tasks that need to be…
