Vermont's 48.7% year-over-year decline in construction jobs in April is higher than any other state, with Michigan and three northeastern states rounding out the top five, according to an analysis of Bureau of Labor Statistics data. Conversely, South Dakota led all states in year-over-year percentage of construction jobs added in April at 9.6%.
Labor shortages, supply chain disruption, weather and other factors contributed to delayed construction completion in 82% of multifamily projects that began between 2002 and 2019, a report says. Delays likely will worsen with the additional burden of shutdowns because of the coronavirus pandemic, including the threat of a second wave of the virus.
Expect the Unexpected: The Importance of a Solid Continuity Plan Growing up in a family that owned an electrical contracting business, I was always surrounded by a strong work ethic and dedication to the business. While my role was focused on pulling wire, bolting on stadium light pegs in the middle of winter, and sweeping floors, the heartbeat of the company was my father. LEARN MORE
Contractors need to know the duties of disclosure they have to their sureties, and they should be aware of the consequences that could result from insufficient disclosures, attorneys write. Best practices to minimize risk include fostering a strong relationship with the bonding company and working with an experienced attorney, they write.
A bond form for projects that involve integrated project delivery, or IPD, has gained approval from the Surety Association of Canada's board. The form is intended for use alongside the standard CCDC-30 contract, but it also offers compatibility with other variations of IPD, the association said.
The coronavirus pandemic is creating short- and long-term challenges for the construction industry, three attorneys write. The issues facing contractors include project delays and suspensions, workforce safety compliance, insurance coverage, and supply chain delays, they write.
NASBP Blog: New Virginia construction statute: General contractors can be liable to pay subcontractor's employee wages
(Saul Loeb/AFP via Getty Images)
In April, the Virginia General Assembly "enacted a new law that makes contractors on large construction projects liable for unpaid wages owed to their subcontractors' employees," two attorneys from Miles & Stockbridge write. The new rule applies to projects valued at $500,000 or more, but does not apply to single-family residential construction projects. The attorneys offer insight into what new claims may come from this law and how general contractors and subcontractors can protect themselves. Read more.
Did you miss the NASBP Virtual Event: Bonding with Bandwidth? Recording now available!
If you couldn't attend the May 20 NASBP Virtual Event: Bonding with Bandwidth, now you can listen to the recording of it. Catch both panel discussions on hot topics in surety -- the first covers the surety industry's efforts to obtain electronic bonding acceptance, and the other addresses False Claims Act liability implications for surety professionals. Hear the announcement of the 2020-2021 NASBP Board of Directors, and then find out who among your colleagues received the Bruce T. Wallace award, the John "Jack" J. Curtin, Jr. President's Award, the Tiger Trust Award and other Surety Industry Awards! All members can access this free recording with their NASBP.org login at SuretyLearn. For more information, see the press release announcing the 2020-2021 NASBP Executive Committee and the release naming the new Directors-At-Large and Regional Directors.
June 24 NASBP Virtual Seminar highlights surety in health care
Left to right: Amstutz, McElligott and Retusnic (NASBP)
Construction contractors must ensure they comply with all federal, state and local guidelines related to the coronavirus to maintain health and safety on job sites, an attorney writes. They also need to examine their contracts to see which parties are responsible for additional safety-related costs, he writes.
The one thing that doesn't abide by majority rule is a person's conscience.
Harper Lee, writer
Founded in 1942, NASBP is the association of and resource for surety bond producers and allied professionals. NASBP producers specialize in providing surety bonds for construction contracts and other purposes to companies and individuals needing the assurance offered by surety bonds.