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Building Information Modeling (BIM) Trends

Surety Bond Professionals is a family owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your bonding needs. Continue reading to learn more about building information modeling BIM trends. What Is Building Information Modeling? Autodesk defines Building Information Modeling (BIM) as “a process of creating and managing information for a built asset throughout its lifecycle—from planning and design to construction and operations.” It brings together real estate developers, architects, engineers, construction contractors, suppliers, and others in a collaborative process of planning, designing, and building a single 3-dimensional model that all parties use as the basis for work at every stage before, during, and after construction. Among the most impactful trends in BIM today are the use of 3-D printing, 3-D laser scanning, prefabrication, energy modeling, and cloud computing. 3-D Printing Using BIM data and 3-D printing eliminates the need for multiple drawings, plans, and models of a building to be constructed. The three most common 3-D printing technologies used in BIM—Stereolithography, Selective Laser Sintering or melting, and Fused Deposition Modeling—differ primarily in the type of material or the technique...

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Trends in Construction: Smart Contracts

Surety Bond Professionals is a family owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your bonding needs. Read on to learn more about smart contracts. Several potential benefits are driving the move to replace traditional paper construction contracts with smart contracts. Chief among these benefits are the ability to automate contractor payments and the increased security and transparency derived from the fact that once finalized, a smart contract cannot be altered. What Is a Smart Contract? IBM defines smart contracts (also known as chaincode) as “software that you can use to read and update data on the blockchain ledger. Chaincode can turn business logic into an executable program that is agreed to and verified by all members of the blockchain network.” The business logic related to a construction contract includes what each party to the contract is promising to deliver and the terms and conditions of the contract. Capturing this business logic as code on a blockchain yields substantial benefits in terms of streamlining transaction processing and auditing and eliminates a lot of manual processing and paperwork....

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Understanding the Importance of Year-End Statements for Contractors

In this article, we’ll explain how to understand the importance of year-end statements for contractors. Surety Bond Professionals is a family owned and operated bonding agency with over 30 years of experience. Our expert agents are ready to assist with all your contractor bond needs. What Are Year-End Financial Statements? Every business owner needs to prepare year-end statements for many purposes including tax purposes, bonding capacity, banking requirements, among other reasons.  Some businesses may be looking to attract potential investors, to secure financing for capital purchases, or may need to meet regulatory requirements to put together a CPA statement. A year-end financial statement typically consists of: A balance sheet providing a snapshot of the business’s assets, liabilities, and any stockholder’s equity at a particular point in time A profit & loss statement showing revenues and expenses for the year and the net income after subtracting expenses from revenues A cash flow statement measuring the cash generated by the business  These statements can be generated at any point in time, showing a company’s financial performance during that period. Some companies generate monthly internal financial statements, some report performance on a quarterly basis, and nearly all generate financial statements after closing...

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Green and Sustainable Building Construction Is the Future

The green and sustainable building construction market in the United States was vital and growing before the Covid-19 pandemic. During this, it shrank over 7%. It is now recovering and projected to grow by 9.3% from that low point, reaching $103 billion by 2023. According to many sources, the green and sustainable building construction market is one of the fastest-growing industries worldwide. Surety Bond Professionals is a family owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your construction bond needs. Drivers of the Demand for Green and Sustainable Building Construction The growth of the green and sustainable building construction market in the U.S. is being driven by government regulations and initiatives, private sector green building and sustainability initiatives, and consumer preference for eco-friendly homes and workplaces. Government Regulations and Initiatives As the nation’s largest energy consumer, the federal government has taken the lead in the U.S. effort to reduce greenhouse gas emissions in accordance with the Paris Agreement. The construction industry accounts for more than a third of the nation’s process-related carbon dioxide emissions, so the logical...

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How Smart City Construction Has Changed the Industry

What is Smart City Construction? What was once envisioned only in works of science fiction is becoming reality in the form of smart city construction. Broadly speaking, a smart city is an urban environment in which community development priorities and government policies converge with information and communications technology (ICT) and innovative design and construction processes to seamlessly connect people, places, and things.  Smart cities rely on ICT infrastructure. This is similar to the concept of an Internet of Things (IoT)—a network of physical objects equipped with sensors, processing capability, software, and other technologies exchanging data between and among themselves and connected systems over the internet and other communications channels.  Some cities are implementing “smart” infrastructure elements, most notably in their airports, energy projects, and traffic control systems. However, with the exception of some demonstration projects, smart city construction is still a thing of the future, though nearer than one might think. Surety Bond Professionals is a family owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your construction bond needs. A Model Smart City (Woven City) There soon...

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Modular Construction: The Change to How Structures Are Built

What Is Modular Construction? In modular construction, prefabricated structures are manufactured in a factory using assembly line methods and transported elsewhere to be assembled on a building site. Much of construction work may be completed in the factory—walls, floors, roof, doors and windows, plumbing, wiring, ductwork, heating and cooling systems, fixtures, finishes, etc. Cranes are used to load modules onto flatbed trucks and then to offload and position them on a foundation already constructed at the building site. Once the individual modules are joined together, they form one building that meets all building code requirements. Surety Bond Professionals is a family owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your construction bond needs. Are Modular Buildings Permanent? Some modular buildings are permanent once installed, and others are designed to be partially disassembled and moved to another location. Permanent modular construction is typically used for residential structures, from single-family homes to multi-story apartment buildings. Relocatable modular construction is used when the need for a structure is temporary, for example, to provide extra space for schools or hospitals while...

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Living Building Materials: The Newest Innovation

What Are Living Building Materials? The term “living building materials” conjures up images of 19th century sod cabins, or “soddies,” built by settlers on the treeless American plains and prairies. However, the term, abbreviated as LBM, actually refers to building materials that mimic the behavior of a living organism. Such materials may be self-replicating or self-mending, emulate biological processes such as breathing, or copy the structure of certain organic structures or components, such as spider silk or abalone shell nacre. Living building materials have the advantages of being eco-friendly and sustainable, but sometimes the downside is an unaffordable price tag.  Some living building materials currently in use include self-mending materials, air cleaning bricks, passive cooling ceramics, mass timber, self-cleaning paint, and thermobimetals. Surety Bond Professionals is a family owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your construction bond needs. Self-Mending Materials Self-mending materials pay homage to the human body’s ability to heal itself. Self-mending concrete is the most common example. Water-permeable capsules filled with living but dormant dry spores are mixed into wet concrete. The spores...

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Virtual Design and Construction Markets See Rapid Growth

What Is Virtual Design and Construction? Virtual Design and Construction (VDC) originated at Stanford University in 2001 in an effort to increase productivity in the construction industry, which was lagging behind all other non-farm industries in terms of productivity improvement. VDC leverages the power of digital technology to integrate multiple information systems, processes, disciplines, and workflows, in a strategic, holistic approach. This can be used to design, model, plan, budget, schedule, and manage construction projects. Though much of the buzz centers on the virtual modeling of designs, virtual design and construction is as much about the information flows between and among project personnel as it is about 3-D modeling. Surety Bond Professionals is a family owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your construction bond needs. A Rapidly Growing Virtual Design and Construction Market The rapidly growing demand for virtual design and construction–which is expected to accelerate–is due in part to increase demand for residential and commercial construction. It is also driven by the increasing complexity of customer demands and building processes. The impressive growth of...

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Construction Drones: The Industry’s Secret Weapon

In the last five years, no industry has seen greater growth in using drones than construction, with a year-over-year growth rate of 238%. (Mining is a distant second.) To maintain or grow market share, builders may need to acquire their own aerial image acquisition and aerial data analysis capabilities or develop relationships with providers that specialize in construction drones. Surety Bond Professionals is a family owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your construction bond needs. How Construction Drones Work Drones, also referred to as UAVs (short for unmanned aerial vehicles) are airborne robots. Drone pilots fly some on the ground using remote control. Others are capable of autonomous flight by using computer vision and artificial intelligence algorithms to make movement decisions without the guidance of a human pilot. Every drone communicates with a ground control station, either a remote controller operated by a pilot or a computer, via a data link. The drones used in construction have built-in cameras that acquire visual images and transmit digital image data over the data link. They equip some...

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