Category: Financial

November 16, 2022

Construction payments firm Billd secured a $100 million debt facility to fund its subcontractor customers’ short-term cash flow needs, the company announced. The warehouse-lending finance structure was led by Philadelphia-based asset-backed securities investor LL Funds. On top of the debt […]

October 31, 2022

General contractors have a lot on their plates: collaborating with clients, hiring subcontractors and managing tight project timelines, to name a few. But payment issues in construction tend to take center stage, even for the most proactive GCs. While each […]

October 25, 2022

Nonresidential growth in New York City over the next three years will be driven by large investments in healthcare facilities and new offices, according to the report. Office valuations in New York City are forecasted to decline by as much […]

October 24, 2022

When the COVID-19 pandemic began to shut down businesses across the U.S., significantly impacting the economy, the federal government intervened by authorizing billions in economic stimulus through the Paycheck Protection Program (PPP) and the Employee Retention Credit (ERC) program. The […]

October 4, 2022

Nonresidential spending totaled $859.3 billion in August on a seasonally adjusted annualized basis, as private nonresidential spending ticked down 0.1%, while public nonresidential construction spending decreased 0.8%. Residential spending fell 1% over the last month, while total construction spending dipped […]

October 4, 2022

A majority of multifamily developers are struggling with project delays related to financing, material price increases and permitting, according to a new NMHC survey. Ninety percent of respondents reported construction delays, with 78% of this group reporting delays in permitting […]

September 27, 2022

Concerns about a return of 1970s-style stagflation have risen as economic growth slows and price pressures remain high despite the most aggressive withdrawal of stimulus by the Federal Reserve since the 1980s. The murkier outlook has compelled many CFOs to […]

September 22, 2022

The U.S. Environmental Protection Agency has awarded more than $1.3 billion for water infrastructure improvements to 18 states using funds provided in the federal Infrastructure Investment and Jobs Act. The money was issued through State Revolving Funds (SRFs) for drinking […]

September 20, 2022

Seeking advances in applying new transportation technologies, the U.S. Dept. of Transportation has opened competition for two technology-related grant programs totaling $800 million over five years. The agency announced on Sept. 19 that it is now accepting applications for grants […]

September 13, 2022

The new Terminal One will be built on the sites of the current Terminal One and Terminal Two, as well as the former Terminal Three, which was demolished in 2014. It’s a key part of the overarching $18 billion redevelopment […]

September 12, 2022

The Southwest Corridor light rail project has encountered numerous delays and cost overruns both before and after construction started in 2019. In response to these challenges, in March 2022 the Minnesota Legislature directed its auditor to review the project. The […]

September 8, 2022

The Texas DOT coffers will be flush due to funding from the federal Infrastructure Investment and Jobs Act, the UTP document said, as well as $50 billion from two voter-approved initiatives that distribute money collected from oil, gas and sales […]

September 6, 2022

As head of Ernst & Young’s global construction and engineering practice, Erin Roberts has kept a close eye on the market’s swings during the pandemic. From the tax implications for contractors of federal infrastructure spending to materials hoarding during the […]

August 31, 2022

The Texas Dept. of Transportation (TxDOT) will spend a record $85 billion on highway construction over the next ten years, under the state’s 2023 Unified Transportation Plan (UTP) announced Aug. 29. Developed in collaboration with elected officials, local planning organizations […]

August 29, 2022

Healthcare construction remains strong despite surging costs, with spending in the sector near all-time highs, according to a recent Federal Reserve Bank of St. Louis healthcare construction report. Examples abound: St. Louis Veterans Administration Health is planning a $1 billion […]

August 23, 2022

Lendlease largely attributed its uneven performance to lasting impacts from the first years of the COVID-19 pandemic, restructuring and pulling out of non-core work. Lombardo highlighted Lendlease’s investments and work in progress. “We made significant progress in resetting our company […]

August 23, 2022

The new grants supplement the $1 billion in funding from the Reconnecting Communities Program, created through last year’s Infrastructure Investment and Jobs Act. It aims to help jurisdictions address division of neighborhoods, pollution and other harms caused by past infrastructure […]

August 16, 2022

Federal efforts to counter climate change have received a major boost through a just-enacted $700-billion measure whose centerpiece is a variety of tax incentives and federal funds aimed at reducing greenhouse gas emissions. President Joe Biden signed the bill, the […]

August 10, 2022

Employment data confirms the shortage of workers in construction “is at a critical point,” Anderson wrote. The number of job openings remains high, while the number of unemployed construction workers has dwindled; the pool of skilled, experienced workers in the […]

August 9, 2022

Adjusted earnings per share, which excluded certain charges for the quarter, came in at 86 cents per share, besting Wall Street analysts’ expectations of 82 cents, according to stock analysis site Seeking Alpha. But total revenue missed analysts’ expectations by […]