In any industry, tracking costs contributes a critical factor to bottom-line accounting. Capturing costs in the construction vertical becomes essential due to the countless phases and changes a project can undergo; they directly affect a project's profitability.
If you're in the construction industry, you know working with subcontractors constitutes a necessary part of doing business. But if you're not familiar with the laws and regulations surrounding subcontractor compliance, then you could be putting your business at risk.
PART THREE: In Part One of this three-part series we discussed the potential blockchain ‘revolution’ for construction. In Part Two, we shared board-worthy business reasons for using blockchain. Now, let’s explore resources to help set up blockchain for your company.
PART TWO: In Part One of this three-part series, we defined blockchain, general benefits, and the challenges for use in construction. In this second part, we want to go beyond the field and the office and share board-worthy business reasons for blockchain.
Construction companies use many ways to track the cost and progress of projects, including job codes, cost codes, and work breakdown structures (WBS).
While most industries have seen a slowdown in growth, the construction industry has continued to flourish. This economic anomaly stems from construction historically being relatively impervious to economic downturns.
Should your company win a federally funded construction project, you must understand government-imposed payroll practice regulations. To adhere to these standards, contractors must document wages in a certified payroll report.
Employee productivity is a vital metric that workplaces measure to ensure important tasks are getting accomplished. In construction, these tasks include bricklaying, pouring concrete, hanging drywall, etc.
Investment Monitor cited new April 2022 figures from GlobalData, which indicate that the North American market is far healthier than many other regions of the world—at least in most construction sectors.
Residential and commercial builders struggle with obstacles that can delay deadlines and blow budgets. According to the Bureau of Labor Statistics, five main problems stand in new property owners' way before builders can hand over the keys:
A Friday newsletter from the Associated General Contractors of America claims that Russia's conflict with Ukraine will likely drive up the prices of fuel, copper, and aluminum. The war also could further impact global shipping and supply chains.
Cybercrime attacks affect more and more companies. The numbers indicate fear expressed by significant corporations. Statista forecasts a $354 billion growth in the cyber security market by 2026. Researchers conclude that the construction, energy, and engineering spaces lie in the crosshairs.
Lumber prices--in constant flux--rose, fell, and rose again. New analysis shows that high prices don't present the danger so much as market volatility. The cost of lumber fluctuates more than it has since overseers kept records at the end of World War II.
Most American business sectors currently suffer from the labor shortage, but the construction industry's hiring dearth reaches back further than the pandemic. Builders have struggled to regain workers in every trade since the Great Recession.
According to research from NordLocker, ransomware targets construction companies hardest out of 35 different industries. This information comes from an analysis of 1,200 global companies targeted by ransomware between 2020 and 2021.
Whether in board meetings or on job sites, construction employees at all levels express concern regarding the unprecedented hikes in building costs.
The exploding residential market continues to skyrocket, rising as quickly as manpower and material supplies can accommodate. And yet, new national data from the first quarter of 2021 shows that existing homes sell for higher prices than new construction.
Every construction company knows about the drastic shortage of skilled labor entering the market. Numerous polls cite this shortage as the number one or two concern among contractors, builders, and owners.
With demand for office space in many big cities—from Melbourne to New York City to London—at significant lows, some housing advocates push to turn empty office space into residential apartments.
The massive boom in residential construction remains in the news, even with a slowdown at the beginning of 2021. Most anticipate the market to stay strong throughout the remaining year.
Fewer young people are entering the construction industry; this could translate into an increasing labor shortage. Compared to 2009, there were 330,000 fewer construction workers between the ages of 20-29 than in 2019.
A team of more than 250 employees who are immersed in BIM technology are coming from gaming backgrounds.
Between 2020 and 2030, the Bureau of Labor Statistics projects that about 60 percent of new jobs in the economy will be in occupations that don’t typically require an associate’s, bachelor’s, or graduate degree.
MEPI, an organization that focuses on infrastructure and construction in the Midwest, reports that their forecasts say that 2.7 million jobs currently done by laborers will be done by autonomous robots by the year 2057.
Success in the workplace depends on how well employees work together to accomplish goals. In order to grow any organization and be profitable, employees must have an understanding of each other’s strengths.
I have found through my personal experience that becoming a professional in life requires special attention to detail. It’s the small things that produce big results.
hh2 was designed from the ground up to sync with Sage accounting, specifically Sage 300 Construction and Real Estate, and Sage 100 Contractor. Essentials for updating these systems.