Category: Construction Company

Can You Refund a Surety Bond?

Can You Refund a Surety Bond?

A surety bond is a legally binding agreement ensuring the performance or obligations of one party (the principal) to another (the obligee) with the guarantee of a third party (the surety). When a surety bond is issued, the principal typically pays a premium to the surety company in exchange for the surety assuming certain risks. 

Read more
Is Robotics the Answer to Labor Shortages in Construction?

Is Robotics the Answer to Labor Shortages in Construction?

Surety Bond Professionals is a family-owned and operated bonding agency with over 75 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.  The Construction Labor Crunch  The U.S. construction industry is experiencing a significant labor shortage, affecting a wide range of roles within the industry, from skilled tradespeople to managerial positions. According to the Bureau of Labor Statistics, as of Q3 2023, there were approximately 375,000 unfilled positions in the construction sector, with about 5.5% of job openings unfilled.  Industry surveys conducted in 2023 found that the vast majority of contractors (85%, according to the Associated General Contractors of America) were finding it difficult to fill hourly skilled labor positions. And the Home Builders Institute reported that 55% of builders surveyed were experiencing project delays due to labor shortages.  Skilled trade workers—carpenters, electricians, plumbers, pipefitters, welders, masons, and concrete workers—are in the shortest supply. Even unskilled positions are hard to fill, impacting basic construction tasks and overall project efficiency.  Multiple factors are contributing to the labor shortage in construction, such as:  Baby Boomer retirements  Decline in vocational training  Lack of interest among...

Read more
Construction Conferences in 2025

Construction Conferences in 2025

In the final quarter of the year, it’s common for businesses to make plans and budget for attending certain industry events in the upcoming year. We’ve highlighted a few key informational and professional events, including national construction conferences and exhibitions for 2025—and one scheduled for this November that you may already be planning to attend. The table below shows the events featured in this article. 

Read more
Iowa Bill to Limit Solar Panel Construction Near Adjacent Properties

Iowa Bill to Limit Solar Panel Construction Near Adjacent Properties

Imagine yourself the owner of a home in a relatively rural area, with unobstructed views of a lush meadow. How would you feel if that meadow were to become the site of multiple ranks of solar panels? That scenario and others like it have prompted Iowa’s legislature to consider a bill intended to limit solar panel construction near adjacent properties. The main concern is the potential impact of large-scale commercial solar farms on neighboring landowners, specifically with regard to property values, aesthetics, and land use.  

Read more
Top 10 Female-Owned Construction Companies

Top 10 Female-Owned Construction Companies

The construction industry, traditionally dominated by men, has seen significant strides in diversity and inclusion in recent years. Female entrepreneurs have made notable impacts, leading successful construction companies and contributing to the sector’s growth and innovation. Here are ten of the top female-owned construction companies (listed alphabetically) in the U.S., each led by a remarkable woman who has broken barriers and achieved notable success in the industry.  

Read more
Carhartt’s Grant Program to Bring More Women into Construction

Carhartt’s Grant Program to Bring More Women into Construction

Carhartt, the renowned American workwear brand, has launched a new round of its pioneering grant program, “For the Love of Labor.” The program aims to increase gender diversity in construction and help meet the growing demand for skilled workers in construction. Initially, the grant program was limited to nonprofit organizations in Michigan, where Carhartt is based. It was made available nationwide beginning with the 2023 round of funding.  

Read more
The Impact of Bonding for BEAD on SMEs

The Impact of Bonding for BEAD on SMEs

Small and medium-sized enterprises (SMEs) play a vital role in many sectors of the economy. These businesses are often the lifeblood of local communities, providing jobs, innovation, and services that larger companies may not be able to deliver with the same degree of customization and personal touch. However, SMEs often face challenges in competing for government contracts or other large projects that require surety bonds. This is concerning, given the number of contract opportunities presented by the BEAD program. 

Read more
New Jersey DOL Provides Funding for Labor Diversity

New Jersey DOL Provides Funding for Labor Diversity

The New Jersey Builders Utilization Initiative for Labor Diversity (NJBUILD) Women and Minorities in Construction Trades grant program, founded in 2009, is a pivotal effort aimed at diversifying the workforce within the construction industry in New Jersey. This initiative seeks to address the historical underrepresentation of women and minorities in construction by providing targeted funding, training, and support to increase their participation and success.  

Read more
With Relative Backlog Stability, the Construction Industry is Optimistic

With Relative Backlog Stability, the Construction Industry is Optimistic

Forecasting demand in the construction industry is a complicated matter, influenced by economic conditions, government policies, and the dynamics within each industry sector. The prevailing attitude—optimism or pessimism—in the residential and nonresidential sectors may differ. The relationship between construction backlog and sectoral optimism (or pessimism, as the case may be) is particularly significant. This article explores the relationship between nonresidential construction backlog and optimism within the sector, explaining how backlog is measured and tracked.  

Read more