Financing, Insurance & Leasing: Page 6

Optimism Among Mid-2024 Construction Industry Trends: Report

The Marcum Construction Industry Group released a report based on contractor surveys regarding the healthy of the construction industry.

While many factors play into contractors' sense of financial, such as politics and the ongoing labor shortage, overall the picture is positive.

Financing, Insurance & Leasing

Take a Closer Look at Your Rising Costs

GB Financial Services, LLC

With prices on the upswing, be sure to double check your own costs, to see how they compare with this time last year. Talk to vendors and others and let them know you're paying attention.

Do yourself a favor and take a dive into your accounts payables and the checks you write to pay vendors. I would assign someone or have your system produce today’s line-item charges against what you were paying in prior years to get an indication of which way prices are headed.

Financing, Insurance & Leasing

Confidence Steady in Equipment Finance Sector

Equipment Leasing & Finance Foundation

Overall, confidence in the equipment finance market is 50.2, steady with the May index of 50.7.

The index reports a qualitative assessment of both the prevailing business conditions and expectations for the future as reported by key executives from the $1 trillion equipment finance sector.

Financing, Insurance & Leasing

Steps for a Successful Construction Business in 2024

GB Financial Services, LLC

Adopting technology, finding ways to retain talent and shoring up finances are among the steps to help your business’ success.

When putting the cash flow plan together, investigate each cost line item to see if there are price adjustments to ask for now that inflation is slowing down.

Financing, Insurance & Leasing

For Construction Companies, Insuring a Business Vehicle Can Be Clear As Mud

From coverage limits, circumstances, and pricing to questions like “How do I insure my partial use business vehicle?” there can be several notable differences from personal vehicle insurance.

Insurance should never be looked at as a pure expense – it is a necessary protection for both your business and personal life.

Heavy Equipment Sticker Shock? What Can Contractors Do?

RDO Equipment Co.

This column offers advice about adjusting to higher sticker prices on most types of equipment.

Technicians evaluate equipment, giving contractors a full picture of their machine’s longevity.

Renting Construction Equipment is Good Move for 2024's Economy

RDO Equipment Co.

With high business costs in the construction industry, now might be the right time to rent equipment instead of buy.

When contractors feel the squeeze of increased fuel or labor costs, renting equipment provides peace of mind that the total funds invested at the project’s completion will be close to its initial bid.

Small Business Outlook for the Construction Industry in 2024

Although 2024 presents uncertainty for small business owners, there is optimism for a soft landing that will allow for continued economic growth and strong employment without a material increase in inflation.

As interest rates decline in 2024, demand for contractors, home furnishings, and home improvement is expected to rebound.

Financing, Insurance & Leasing

Protecting Yourself Against Construction Heavy Equipment Liens

Compliance and Lien Solutions Inc.

Given the cyclical nature of construction, it's crucial to understand the legal aspects of liens and take necessary precautions.

One significant issue is that equipment liens stay with the machine regardless of who owns it.

Financing, Insurance & Leasing

4 Keys to Construction Financial Management in 2024

Whether it is coping with fluctuating materials costs or navigating multi-state compliance demands, the financial management workflow within the construction industry is one of the most hectic throughout the business world.

In the face of this economic uncertainty, construction businesses will undoubtedly face the urge to run out and hoard new projects as a way to insulate themselves against future economic downturns.

Do Your Homework to Get Financing

GB Financial Services, LLC

Having lenders who really understand the rental business and its related risks is the key to managing the business through thick and thin.

Equipment rental businesses need to do their homework in order to get financing in this economic climate.

Construction Safety

Baltimore Bridge: Supporting Workers’ Families and Addressing Force Majeure Clauses

Authorities announced the discovery of the fifth body of a construction worker in the aftermath of the Baltimore bridge collapse. In light of this tragedy, experts emphasize the importance not only of safety, but for contractors to address force majeure.

A Maryland Natural Resources Police officer conducts an overflight assessment of the M/V Dali, a 948-foot Singapore-flagged container ship, and Francis Scott Key Bridge in the Patapsco River in Baltimore, Md.

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