Category: Construction Bond

New $1.2 Trillion Infrastructure Bill in Manufacturing, Construction, and Energy

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 bonding needs. Benefits Expected from the Infrastructure Investment and Jobs Act People throughout the country are looking forward with high hopes to realizing the promise of the $1.2 trillion Infrastructure Investment and Jobs Act signed into law in November 2021. With $550 billion earmarked for new spending on a wide range of infrastructure projects over the next few years, the construction industry is predicted to boom, adding millions of good, high-paying jobs in the building trades and related industries. Additionally, the Inflation Reduction Act signed in August 2022 added another $369 billion to the total funds allocated for infrastructure-related projects. The manufacturing sector, in particular, is expected to see substantial benefits from the investment in infrastructure. Not only will the demand for building materials and structural components increase, so will the need for buses, trains, and other vehicles and the parts to build and maintain them. The creation of a nationwide network of electric vehicle charging stations, coupled with legislative actions...

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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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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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Buffalo Bills New Stadium

The lease on the Buffalo Bills’ current home, Highmark Stadium, expires in 2023, and planning efforts for relocating to a new stadium started in 2014. The team, Erie County, and New York State, recently arrived at an agreement to build a new 60,000 seat stadium, with a price tag of $1.4 billion, in Orchard Park. An architectural firm has been hired, but they have yet to select a construction contractor for Buffalo Bills new stadium, and no date has been projected for breaking ground. 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. Tax Payer Money to Pay for Buffalo Bills New Stadium Although the Bills will design and build Buffalo Bills new stadium, they will pay it for through a public-private partnership. The Bills have made a $550 million commitment while the public contribution is anticipated to include $600 million from the state budget and $250 million from Erie County, for a total of $850 million in public funds–reportedly the largest taxpayer contribution ever for a professional...

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Amazon HQ2

Amazon’s highly publicized search for an east coast home for its second headquarters, dubbed Amazon HQ2, ultimately resulted in a plan for construction on two sites in Arlington, Virginia. The project is proceeding in two phases at a total cost of more than $2.5 billion. 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. Phase 1 of Amazon HQ2 Construction of two 22-story towers for Amazon HQ2 started in January 2020 on what has become known as the Metropolitan Park site—Phase 1 of the project—with completion on track for mid-2023. In addition to the two solar-powered office towers, the Amazon HQ2 site will include more than 50,000 square feet of retail space, including a daycare center, a 2-acre public park, and a meeting center available for use by the community at no cost. The buildings’ rooftops will feature a café, dog run, and urban farm terrace. Phase 2 of Amazon HQ2 Phase 2 involves the construction of “The Helix ” on the PenPlace site, which required the FAA...

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California High-Speed Rail

The California High-Speed Rail (CAHSR) grew out of a vision of a “bullet” train spanning the 800 mile distance from Sacramento to San Diego. The environmental benefits of a system of zero emission trains powered entirely by renewable energy are undeniable. When completed, the electrified high-speed rail will keep more than 3,500 tons of pollutants out of the air per year. 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. When Phase 1 of the California high-speed rail system is completed, CAHSR will connect Los Angeles and San Francisco, allowing passengers to make the 380 mile trip, without transfers, in 2 hours and 40 minutes, with a maximum speed of more than 200 miles per hour. Phase 2 will extend the California High-Speed rail system southward to San Diego and northward to Sacramento. The project owner is the state of California, through the California high-speed rail Authority (CHSRA).  The Cost of the California High-Speed Rail The project is proceeding in segments as funding becomes available, with different contractors...

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Performance Bonds for Private Construction

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. What Are Performance Bonds? Performance bonds are surety bonds commonly used in the construction industry to protect project owners against the risk of default by contractors who cannot complete a job under contractual requirements. A performance bond transfers that risk from the project owner to a “surety,” typically an insurance company or division of an insurance company. Surety bonding dates back over 4,000 years to the ancient Babylonians and has developed over the millennia to its current form. Since 1893, law has mandated performance bonds for federally funded projects. Under the Miller Act of 1932, performance bonds and payment bonds are required for all federal construction contracts valued in excess of $100,000. At the state level, similar legislation, commonly referred to as “Little Miller Acts,” requires both performance and payment bonds for state-funded public works projects. Today, performance bonds, once exclusively used in taxpayer-funded construction, are increasingly required by private construction project owners. Why Are Performance Bonds Now Being Required...

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To Bond, License and Insure?

Starting your own construction business can sometimes be a leap of faith. But that faith in your business is stronger if you learn about the industry.  For example, it is important to know the benefits of being a licensed, bonded and insured construction company. Why should I be licensed and apply for permits? The simple answer is for protection, for you and your customers. It may be easier to cut corners and not apply for permits or licenses. But, if you want to have a long standing and respective business, licenses and permits are the way to go. First, you will need a general business license.  Beyond that, it is important to check with your local government and state offices to see which other license you may need. Permits are important because they help you to maintain valid parameters. By pulling a permit, you have sought the approval of your local government offices to perform the work that your customer wants. What about insurance, do I need insurance? How many insurances you need depends on the work you perform. If you directly employ workers, then you will need an insurance to protect yourself. If you drive your truck for...

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