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Category: Financial


Construction Processes, Financial

DOT Budget Hearing Shows Bipartisan Infrastructure Support

March 24, 2023

Via: ENR

The initial congressional hearing on President Joe Biden’s 2024 budget proposal for the US Dept. of Transportation showed evidence of continued strong bipartisan support for infrastructure, though the parties differed on the specifics. Also at the March 23 Senate transportation […]


Construction Processes, Financial

Biden’s 2024 budget proposal bolsters OSHA funding by 17%

March 16, 2023

Via: Construction Dive

The 2,505 full-time OSHA positions sought in the budget is 35% higher than fiscal year 2022 figures — which the text says reflect “actual” employment, as opposed to budgeted. But filling those positions is easier said than done. The long, […]


Construction Processes, Financial

Skanska predicts construction costs will rise above inflation in many US cities

March 14, 2023

Via: Construction Dive

Phoenix and Orlando, Florida, are expected to experience price inflation above 5% within the next six months to a year. Most other cities will see price inflation above normal — in the 3% to 5% range — and the report […]


Construction Processes, Financial

Federal infrastructure funds begin to flow, mostly to roadwork

March 7, 2023

Via: Construction Dive

Local and state government contracts for highway, road and bridge projects dramatically increased between 2021 and 2022, a sign that bipartisan infrastructure funds are starting to have an impact, but contracts for rail and transit projects slowed significantly since the […]


Construction Processes, Financial

Manufacturing sector props up construction spending

March 2, 2023

Via: Construction Dive

Spending in the nonresidential sector continues to outpace inflation on a year-over-year basis, said Basu. That’s because of massive spending in the manufacturing sector. Manufacturing construction spending jumped 5.9% in January, reaching $139.78 billion. Meanwhile, transportation spending increased 1.7% in […]


Construction Processes, Financial

Philadelphia Gets $340M in EPA Loans for Water Infrastructure Projects

February 7, 2023

Via: ENR

Philadelphia’s recently launched water infrastructure revitalization plan is set to receive a $500-million boost in federal funding, including $340 million from a low-cost U.S. Environmental Protection Agency loan, officials announced Feb. 3. The city’s efforts are aimed at replacing miles […]


Construction Processes, Financial

US DOT Awards $1.2B for IIJA “Mega” Projects, including Hudson Tunnel

January 31, 2023

Via: ENR

The Biden administration has picked nine high-profile surface transportation projects to share nearly $1.2 billion in Infrastructure Investment and Jobs Act grants, topped by a $292-million award for an early-phase element of a mammoth planned New York-New Jersey Hudson River […]


Construction Processes, Financial

The Hidden Cost in Construction

January 30, 2023

Via: ENR

Many construction and engineering companies are so focused on winning projects that they overlook the importance of managing plant and equipment cost-effectively. With sector margins tight, it’s a dangerous oversight. Chris Knight, Global Industry Director for Construction and Engineering at […]


Construction Processes, Financial

In Praise of Escrow for Taking Tension Out of Construction Payments

January 30, 2023

Via: ENR

I was working for a general contractor on several fast-track student housing projects in the late 1990s to fill a need in the Boston area, especially on smaller campuses that had limited space. One fast-tracked campus apartment project I remember […]


Construction Processes, Financial

Industry Groups Seek Cancellation of FHWA IIJA Funding Memo

January 19, 2023

Via: ENR

In the latest chapter in a long-running controversy, 18 business organizations—including several in construction and related industries—have asked the Federal Highway Administration to cancel a controversial 2021 guidance document recommending how state departments of transportation should prioritize projects that draw […]


Construction Processes, Financial

Uncertainty Reigns in Pricing 2023 Infrastructure Projects

January 10, 2023

Via: ENR

The request for qualifications didn’t exactly stir a frenzy of competition. A $265-million to $310-million design-build highway improvement project advertised by Washington State transportation officials in November and due early last month attracted only Guy F. Atkinson Construction and Walsh […]


Construction Processes, Financial

US construction pay growth outstrips rest of private sector

January 9, 2023

Via: Construction Europe

Average hourly earnings for workers in production and non-supervisory roles increased to US$33.15 last month. That represented a jump of 6.1% on December 2021, according to analysis by the Association of General Contractors (AGC). The rise exceeded the 5% increase […]


Construction Processes, Financial

US DOT Awards $2.1B from IIJA for Major Bridge Projects

January 4, 2023

Via: ENR

Distributing even more funds from the Infrastructure Investment and Jobs Act, the Biden administration has announced the award of $2.1 billion in grants for four major bridge projects through the statute’s competitive Bridge Investment Program. To announce the awards of […]


Construction Processes, Financial

Construction backlog jumps to highest level since 2019

December 14, 2022

Via: Construction Dive

The move illustrates the whipsaw cadence of construction since the beginning of the pandemic, when new projects have stumbled to get out of the gate due to supply chain and labor challenges but the demand to build has remained high. […]


Construction Processes, Financial

How to take charge of your construction payment process

November 28, 2022

Via: Construction Dive

In the construction world, money talks but moves slowly. The average day’s sales outstanding (DSO) for the construction industry is 51 days, among the worst of any sector in the nation. While this issue has plagued the industry for decades, […]


Construction Processes, Financial

Payments firm Billd lands $100M credit line to fund subcontractors

November 16, 2022

Via: Construction Dive

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 […]


Construction Processes, Financial

7 common payment issues in construction and how to combat them

October 31, 2022

Via: Construction Dive

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 […]


Construction Processes, Financial

NYC construction spending reaches all-time high of $86B

October 25, 2022

Via: Construction Dive

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 […]


Construction Processes, Financial

Should construction companies file for the employee retention credit?

October 24, 2022

Via: Construction Dive

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 […]


Construction Processes, Financial

Construction spending dips, but contractors remain optimistic

October 4, 2022

Via: Construction Dive

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 […]