Economy: Page 18

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    skodonnell via Getty Images
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    Late payments cost construction industry $208B in 2022: report

    Amidst a turbulent economic climate, delayed payments are leading to project holdups and work stoppages, according to respondents of a new survey.

    By • Nov. 10, 2022
  • Team of one women architect and two men architects on a construction site. They are looking at blueprint. They are discussing about their project. Shot from above.
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    vitranc via Getty Images
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    Top 10 causes of construction claims

    Firms need to turn to technology to help avoid issues like scope changes and incomplete design, according to a new report.

    By • Nov. 2, 2022
  • ABC Construction at The Boro on Thursday, June 28 in Tysons, VA.
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    Permission granted by Associated Builders and Contractors
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    Investment in structures tumbles in Q3

    Real nonresidential investment posted its steepest decline since the second quarter of 2020, even as the U.S. economy expands, according to an Associated Builders and Contractors report.

    By • Nov. 1, 2022
  • An overhead view of waterfront offshore wind turbine construction.
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    Courtesy of Skanska USA
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    Skanska profits dip as backlog rises

    Amid economic uncertainties, CEO Anders Danielsson said commercial construction work and bookings remain strong.

    By • Oct. 31, 2022
  • Engineer, architect and business man working on the engineering project at construction site.
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    ljubaphoto via Getty Images
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    Sponsored by GCPay

    Why you can no longer afford to make late payments

    In a pay-when-paid industry like construction, late payments are often the rule, not the exception. The lower down the chain you are, the longer it takes to get paid—and the more these late payments can hurt financial stability and cashflow.

    Oct. 31, 2022
  • An aggregate facility stands in the foreground of dramatic mountains in Alaska.
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    Courtesy of Granite Construction
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    Granite Construction’s profits flat, revenue falls in Q3

    The Watsonville, California-based contractor nonetheless raised its guidance, and expects a stronger 2023 as it burns the last of its less profitable projects and snags IIJA work.

    By • Oct. 28, 2022
  • A young construction worker uses a tablet to view plans on a jobsite.
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    sorn340 / Stock / Getty Images Plus via Getty Images
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    Q&A

    Use tech to combat ‘Neanderthal’ thinking in construction

    Industry guru Barry LePatner talks about the uniqueness of today’s economic challenges, and giving young pros the technology they need to solve them.

    By • Oct. 26, 2022
  • The Statue of Liberty from its right side at dusk, with New York's skyline as a backdrop.
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    Drew Angerer via Getty Images
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    NYC construction spending reaches all-time high of $86B

    The New York Building Congress’ strong outlook for the city’s building industry could be hampered by a lack of tax incentives for multifamily projects and other headwinds, per its report.

    By • Oct. 25, 2022
  • Two construction workers wearing hard hats discussing something
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    kali9/iStock.com

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    Sponsored by Omega Accounting Solutions

    Should construction companies file for the employee retention credit?

    If your business continued to pay full payroll tax amounts during the pandemic, you now may be entitled to hundreds of thousands of dollars from the IRS through the ERC.

    Oct. 24, 2022
  • Aerial view of Las Vegas strip in Nevada
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    f11photo via Getty Images
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    Officials approve new Las Vegas Strip resort

    Developers continue to plan massive projects in Sin City, like billionaire Tilman Fertitta’s casino resort, despite warnings of a slowdown.

    By • Oct. 20, 2022
  • A sign shows elevated gas prices in California.
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    Justin Sullivan via Getty Images
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    Construction input prices fall slightly

    Though the drop in materials costs is welcome, with overall wholesale prices rising at twice the rate analysts expected, the Federal Reserve has more evidence to support another round of interest rate hikes.  

    By • Oct. 13, 2022
  • Workers set up scaffolding at the construction site of a new apartment building.
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    Sean Gallup via Getty Images
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    Contractors added to backlogs in September, expect higher profits

    Associated Builders and Contractors’ Backlog Indicator and Construction Confidence Index rose in September, though outlooks for overall sales remained lower than August and last year. 

    By • Oct. 11, 2022
  • Rivet II is the second building of a four-phase redevelopment project headed by New Jersey City University.
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    Courtesy of Arc Building Partners
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    Q&A

    Construction management firm CEO: recession ‘feels like a self-fulfilling prophecy’

    Construction Dive talks with Frank Ciminelli, president and CEO of Buffalo, New York-based Arc Building Partners, about the pandemic, a potential recession and other challenges in the industry.

    By • Oct. 11, 2022
  • Turner Construction
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    Permission granted by Turner Construction
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    Turner: Labor shortage prompts contractors to be selective about jobs

    Builders are turning to megaprojects to get the most out of their skilled workforce, according to a recent report from the country’s largest contractor.

    By • Oct. 11, 2022
  • Construction workers in reflective vests work on building a road.
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    Joe Raedle via Getty Images
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    Why September’s hot jobs report is ‘terrible’ for construction

    Surging employment, led by a rise in nonresidential workers and combined with slowing proposal activity, gave market watchers reason to be wary of the road ahead. 

    By • Oct. 10, 2022
  • Fluor worker
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    Courtesy of Fluor
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    September 2022 Project Wins: The country’s top contractors report their latest awards

    Construction Dive rounds up the newest project wins from some of the country’s biggest builders.

    By Construction Dive Staff • Oct. 6, 2022
  • construction worker at The Boro
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    Courtesy of Associated Builders and Contractors
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    Construction spending dips, but contractors remain optimistic

    The rising costs of both financing and construction services put a dent in nonresidential outlays.

    By • Oct. 4, 2022
  • A person with a blue construction hat and a blue clipboard in the left arm shakes hand with a person offscreen.
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    iStock.com/skynesher

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    Sponsored by American Express

    American Express equips construction businesses with tools to help maximize growth

    Now is the time for construction business owners to ensure they have the right financial solutions in their toolbox.

    Oct. 3, 2022
  • U.S. economy contracted for second consecutive quarter
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    Baris-Ozer via Getty Images
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    US faces risk of long stagflation struggle: Moody’s

    Rising materials costs could harm construction and manufacturing companies, according to Moody’s Analytics.

    By Jim Tyson • Sept. 27, 2022
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    Danielle Ternes/Construction Dive
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    Column

    The Dotted Line: Cost escalations lead to more disputes

    Construction attorneys say price increases for labor and materials are causing friction between GCs, subs and owners.

    By • Sept. 27, 2022
  • A construction crew drills a water well.
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    Courtesy of Granite Construction
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    Granite nixes plans to sell water, mineral units

    Kyle Larkin, the firm’s president and CEO, said “current market conditions” meant the firm couldn’t get the price it wanted for the businesses.

    By • Sept. 20, 2022
  • A picture shows a completed Sacred Heart Schools building in Atherton, California.
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    Courtesy of XL Construction
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    Q&A

    XL Construction’s Chris Bailey talks inflation, supply chain and the need for immigration reform

    After correctly predicting that higher costs and supply chain impacts weren’t temporary in early 2021, the California-based contractor gives his views on the biggest challenges facing the sector now.

    By • Sept. 19, 2022
  • Lumber supplies sit on shelves in a construction supply store.
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    kali9/E+ via Getty Images
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    Construction input prices fall for second straight month

    The costs for building a commercial project declined 1.4% in August, following a similar decline in July, but were still up 16.7% from a year ago. 

    By • Sept. 15, 2022
  • The White House in Washington DC at summer day.
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    lucky-photographer via Getty Images
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    White House details how CHIPS money will be spent

    The Department of Commerce’s CHIPS for America fund will invest $50 billion to revitalize the domestic semiconductor industry, protect national and economic security and create jobs.

    By • Sept. 15, 2022
  • An overhead shot shows a large commercial construction project.
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    Sushiman/iStock via Getty Images
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    Armed with steady backlogs, nonresidential construction pros shrug off recession fears

    Commercial contractor confidence rose in August — a stark contrast to the homebuilding market, which is already in a recession.

    By • Sept. 13, 2022