Category: Construction Company

6 Equipment Management Tech Trends for Construction

6 Equipment Management Tech Trends for Construction

In recent years, the construction industry has increasingly embraced technology to improve efficiency, safety, and overall project management. One critical area in which technology has made significant strides is construction equipment management. Completing projects on time, within budget, and to the desired quality standards depends largely on how effectively a construction company manages its equipment. This article explores the major technology options available for construction equipment management.  

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How Surety Bonds Are Accelerating the Transition to Renewable Energy

How Surety Bonds Are Accelerating the Transition to Renewable Energy

The transition to renewable energy in the United States has been making notable progress in recent years, according to the U.S. Energy Information Administration. In fact, the increase in renewable energy generation has contributed to a reduction in carbon emissions from the power sector that is in line with targets set by various states and federal initiatives aimed at mitigating climate change. 

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Construction Tech Tools to Mitigate Inflation

Construction Tech Tools to Mitigate Inflation

The prices of construction materials such as concrete, steel, and lumber rose with the supply chain disruptions caused by the COVID-19 pandemic. And they have remained higher than usual due to increased post-pandemic demand for new construction, particularly commercial construction, and the impact of inflation. Volatile fuel prices and the higher labor costs caused by a scarcity of skilled labor have added to the financial strain on contractors. 

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Alabama Sees a Rise in Women in Construction

Alabama Sees a Rise in Women in Construction

Construction has long been a male-dominated industry. Sure, there have always been some women working for construction companies, but primarily in an administrative capacity. Until relatively recently, very few women were engaged in the construction trades. 

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Ways Artificial Intelligence Can Be Used in Construction

Ways Artificial Intelligence Can Be Used in Construction

Until relatively recently, artificial intelligence was viewed by many in construction as something of the future—not necessary at the moment and not within their reach, financially or technically. But AI is gaining a significant foothold in the construction industry as the technology evolves, more potential uses are explored, barriers to adoption lower, and the AI market expands worldwide. 

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18 Tips for Fast Track Construction

18 Tips for Fast Track Construction

Fast track construction is aimed at reducing overall project time, usually by overlapping design, permitting, and construction phases so that some tasks typically occurring sequentially are performed concurrently. This approach to construction may be necessary when clients want a quick completion, particularly on high-rise building projects. 

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Understanding the Federal 8(a) Program

Understanding the Federal 8(a) Program

Small businesses are the economic engine of the U.S. economy, and fostering their growth is essential for sustained economic vitality and social prosperity. The Federal 8(a) Business Development Program plays a vital role in empowering disadvantaged entrepreneurs. It has its roots in the Small Business Act of 1953 and, over the decades, has become crucial in providing a level playing field for small businesses owned by individuals who have historically faced challenges competing in the federal procurement marketplace.  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. How the 8(a) Program Works  Under the 8(a) program, the SBA enters into contracts with other federal entities in the role of prime contractor. SBA then awards subcontracts either competitively or on a sole-source basis to certified 8(a) program participants that will execute the work.  Eligibility Criteria  To participate in the 8(a) Program, businesses must meet the criteria established by the SBA:  The business must qualify as a small business by SBA standards, which are based on industry-specific criteria such as...

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Davis-Bacon Updates and Implications for Contractors

Davis-Bacon Updates and Implications for Contractors

Historical Perspective Keeping on the right side of the many regulations governing the wages paid to people working on federally funded construction projects can be challenging. And it’s been challenging since the Davis-Bacon Act, or DBA, was passed in 1931. Nearly a century later, there are approximately 60 legislative acts that collectively are referred to as the Davis-Bacon-Related Acts, or DBRA. The DBA has become an umbrella under which all of the DBRA fall. The DBA requires “payment of locally prevailing wages and fringe benefits to laborers and mechanics” working on construction “contracts that exceed the amount of $2,000 to which the U.S. or District of Columbia is a party.” That turned out to be a more complicated matter than the DBA’s authors anticipated, resulting in the plethora of DBRA that have further explained, elaborated upon, and extended the original DBA. Legislators refined and expanded the meaning of “prevailing wages,” devised rules for wage determinations and job classifications, and expanded DBA coverage to include projects funded by a wider range of federal sources, such as grants, loans, loan guarantees, and other sources of federal assistance. While DBA itself applies to work done on federal government buildings, District of Columbia,...

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