Despite—and perhaps because of—bumps in the road, the construction industry anticipates a busy and productive year ahead.
Reasons For Hope Amidst Challenges
Turning the corner into 2021, the challenges of the pandemic and economy continue to weigh on the construction industry. With many subcontractors particularly struggling, some general contractors are amping up their in house capabilities. Health and safety concerns remain top of mind and there are still supply challenges to wrangle.
Lights are blinking in the near distance though, signaling better times ahead for the construction industry—and everyone relying on it. Construction Dive points to these signs of optimism:
- Site Selection Percolating
- Pent-Up Demand
- Infrastructure Investment Anticipated
- Industrial Development Underway
- Opportunities in Going Green
Confidence Booster: Surety Line of Credit
There are some steps contractors of all sizes can take now to pave the path for upcoming projects. For example, contractors from across the country are invited to establish a surety line of credit with leading national provider: Colonial Surety Company.
It is quick and easy to pre-qualify: after entering just a few, bare essentials about the business in Colonial’s efficient new online system, all companies that apply receive, for free, Dun & Bradstreet scores.
Contractors who pre-qualify for a surety line of credit, go on to upload a few more documents that help Colonial better understand their operation and underwrite the Partnership Account®. The entire process exemplifies Colonial’s commitment to arm contractors for the road forward: simple, direct, and efficient, with value-added services built right in.
A Jumpstart: Warehouses, Manufacturing, Distribution
The pandemic has taught us the importance of well-situated inventory and building warehouses. A simple example: yes, we all need toilet paper, daily! Supply chain considerations, e-commerce, and data storage are all pointing to new development needs in the private sector. Construction Dive reports:
“The most obvious change of the year has been robust development of warehouse and distribution facilities to meet the sudden rise in e-commerce,” said Robert Smietana, CEO at Chicago-based industrial developer and consultant HSA Commercial Real Estate.
For example, CRG, the real estate development and investment arm of Chicago-based Clayco, plans to identify industrial development and acquisition opportunities in cities such as Atlanta, Chicago, Philadelphia, St. Louis and Columbus, Ohio.
“It’s no secret that e-commerce has been a tailwind to industrial real estate over the last cycle,” said Kevin Scott, vice president of investments and developments for CRG. “But e-commerce users still represent just a fragment of the overall industrial user base. Specialized uses such as cold storage and data centers continue to grow, and we are excited about opportunities there.”
2021 will not end the same way it’s begun! Join the game changers at Colonial Surety Company and be ready for the opportunities coming your way.
Colonial Surety Company offers contractors fast, digital and direct access to the surety bonds needed to run construction companies—and real-time financial intel vital to business growth. With a Colonial Partnership Account® contractors:
Gain control of their bidding and bonding, online and in real time.
- Utilize powers of attorney to seal and issue their own bid bonds—in minutes.
- Compete with fast, confidential bid bonds—no middleman.
- Order performance and payment bonds easily from a customized digital dashboard.
- Track bids and work on hand in real time with free management reports.
- Speak directly with Colonial’s lead underwriter as new opportunities emerge.
- Leverage data on a private Owner’s Dashboard to view surety lines, adjust work on hand, analyze bids—and grow.
Founded in 1930, Colonial Surety Company is a direct seller and writer of surety bonds and insurance products across the USA. Colonial is rated “A Excellent” by A.M. Best Company and U.S. Treasury listed.