For Construction Pros

Business Strategies for Construction Businesses in 2013

By Kimberly Hegeman - Monday January 21, 2013

This blog post was written exclusively for ForConstructionPros by nationwide equipment financing company Balboa Capital. Now that 2013 is upon us, every business owner wants to start the new year with a positive outlook. For those in the construction industry, the new year has shown positive signs for business due to a higher demand for housing across the nation. With growing job markets, many people will be starting new jobs, and they’ll want to move to cities where those jobs are located. Recently, a leading construction information resource reported that the amount of single family housing units will increase by 21 percent, and that fewer foreclosures will stabilize housing prices. PCA Report Predicts All 50 States...

As Demand Rises, So Will Equipment Lead Times – and Costs

By Becky Schultz - Wednesday January 16, 2013

It's no secret that construction equipment dealers were especially hard hit during the recession, with machine sales declining as much as 60% at its peak. Dealers desperate to unload inventory collecting dust on their lots were willing to cut deals – even to the point of losing money – just to get the equipment off their books. Such is no longer the case. The construction equipment market has seen a resurgence, as rental companies and construction firms alike move to replace aging equipment fleets. Forecasts indicate ongoing growth in U.S. equipment sales , with wheel loaders, backhoe-loaders and rubber-tracked loaders leading the charge. Global demand for construction equipment is expected to continue its upward momentum, as well...

Protect Your Business From Fraud

By Kimberly Hegeman - Wednesday January 16, 2013

We are all well aware of how fraud and identity theft can harm our personal lives. But construction business owners should also be aware of how fraud can hurt their businesses and what steps they should take to protect their companies from fraud. Blog: Don't Ignore Corporate Identity Theft RBS Citizens Financial Group, Inc. , a Providence, R.I.-based commercial bank holding company, is working to educate business owners and make them aware of areas of vulnerability. “During and just after the holidays is when many fraud schemes pick up, as more people feel stretched with greater year-end expenses,” says James Gifas, head of RBS Citizens Treasury Solutions. “As we look ahead into 2013, companies may have blind spots they may...

JCB Machines to Help Unearth History

By Becky Schultz - Tuesday January 15, 2013

Back in the 1930s, Reginald Mitchell, an engineer born in Staffordshire, UK, made his mark by designing the Spitfire , a warplane widely used during World War II. Now, a Staffordshire-based manufacturer is preparing to aid in efforts to recover lost remnants of the historic planes. As World War II drew to a close, a number of unassembled planes are thought to have been hidden in the ground by American engineers across three sites. After a 17-year search led by aviation enthusiast David Cundall, a bid to excavate for crates believed to contain more than 30 of the Spitfires is about to get underway at Rangoon International Airport in Burma. Online games developer Wargaming is funding the efforts. As a fitting contributor to the...

Manfredi Forecasts 2013 Construction-Equipment Sales to Grow 5.4%

By Frank Manfredi - Monday January 14, 2013

The 2013 construction equipment market will benefit from improvements in housing, continued high levels of demand from the energy sector and improving non-residential construction investment by manufacturers. Overall I expect 2013 growth of 5.4 percent compared with 2012. I expect the slowdown that began in the second half of 2012 to extend into the first half of 2013 and most of the 2013 growth to occur in the second half. I believe rental companies will continue their aggressive re-fleeting in 2013, however, most of those purchases will be for aerial platforms. The first half of 2013 is likely to be down 5 percent to 7 percent compared with the first half of 2012 because of difficult comparisons. The first half of 2012 grew at a...

Green Building is Trending Up But Will LEED Follow?

By Becky Schultz - Thursday January 10, 2013

Green building has expanded exponentially, skyrocketing from $10 billion in 2005 to an estimated $85 billion in 2012. Its double-digit growth trend is expected to continue, with recent expectations forecasting the green building industry to exceed $200 billion by 2016 . As more and more U.S. firms strive to reduce both their carbon footprints and their energy costs, it would be reasonable to anticipate a corresponding growth in certification under the U.S. Green Building Council's LEED (Leadership in Energy and Environmental Design) program . Yet, this may not be the case. According to Turner Construction's Green Building Market Barometer 2012 , 56% of executives surveyed said their companies were extremely or very committed to...

No Excuses! Why Every Contractor Should Attend NPE

By Allan Heydorn - Thursday January 3, 2013

I started learning this industry in 1990 and attended my first National Pavement Expo in 1991 and to this day it baffles me that show attendance hovers around 2000 contractors each year. Where are all you folks? Circulation of Pavement magazine is 18,500 and we know there are many thousands more contractors involved in paving and pavement maintenance throughout the country, so the question I ask each year is: Why don't more contractors attend the only event devoted to their industry? And I have to admit I don't have an answer to that. What's up out there? In most industries those involved relish an opportunity to come together to support their industry - and to support one another. Here are a few more-specific reasons we...

Prevent Electrical Injuries on Construction Sites

By Kimberly Hegeman - Wednesday January 2, 2013

This blog post was written exclusively for ForConstructionPros by equipment leasing company Balboa Capital. Construction business owners know that having healthy and hard-working employees is the key to running a successful operation. No matter what the construction project at hand, there are often many types of electrical equipment being used on a daily basis, which means worker safety is more important than ever. Your construction team is invaluable to your company, and enacting proper training and safety protocols are the keys to preventing injury and maintaining highly productive workers. Electrical Hazards on Construction Sites The statistics are shocking Many fatal accidents occur from careless mistakes but are...

Use December to Set Your Business Up For a Successful Year

By Kimberly Hegeman - Tuesday December 11, 2012

While the end of the year can be very hectic, and planning for the next year can be clouded by uncertainty, business owners should take some time each December to review the previous year and prepare for the future. Bill McBean, author of The Facts of Business Life : What Every Successful Business Owner Knows That You Don’t , suggests eight "must dos" every business owner should evaluate and complete each December to set themselves up for success the following year. Hold a 2012 post-mortem. Analyze how you've been as a leader. Ask yourself what your business can do better, and define the leadership skills needed to move your business forward. Do a top-to-bottom walk-through of your systems and procedures. What is working and...

Succession Planning - 5 Key Elements

By Kimberly Hegeman - Tuesday December 4, 2012

Most contractors involved in the day-to-day of their construction business don't have a lot of time to consider what their company will be like in 5 to 10 years. Succession planning - which may be even farther down the road - often doesn't get the appropriate amount of thought either. Whether retirement is in the near or far picture, creating a good succession plan is essential for you and your business. Elaine Ervin, National Construction Practice Leader, and Dan Gaffney, National Wealth Services Practice Leader, Moss Adams LLP, say there are five key elements to succession planning , and each should be considered in order to protect your business and personal wealth. Business financial planning Personal financial planning...