The U.S. Chamber of Commerce finds reason for optimism with the release of the fourth quarter Commercial Construction Index (CCI). Most contractors anticipate the new year will bring sufficient new business, with one in three planning to hire workers in the next six months.
Overall, contractors’ outlooks are stabilizing, if not slowly improving. All three of the Index’s main indicators rose: Contractors’ confidence in new business opportunities over the next year inched up one point to 57, revenue expectations increased four points to 52, and backlog rose two points to 70. This mirrors recent federal government data: according to the U.S. Census Bureau nonresidential (commercial) construction spending broke a four-month string of declines by remaining flat in October.
Build With Confidence in 2021
Get ready to grow—secure a surety line of credit now!
As a leading, national provider of surety bonds, Colonial Surety Company has unveiled a full-service solution to arm contractors with fast, digital and direct access to the surety bonds needed to run their construction companies—and real time financial intel vital to grow their businesses. 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.
Coping with Materials Shortages
Amidst the reason for optimism in 2021, the fourth quarter construction index also illustrates the challenges contractors continue confronting related to material shortages exacerbated by the pandemic. According to the U.S. Chamber of Commerce:
Forty-one percent of contractors say less availability of building products and materials is a severe consequence of the pandemic, up from just 15% saying the same last quarter. Furthermore, most (71%) contractors say they face at least one material shortage, up 17 points from 54% in Q3. The most reported material shortage is wood/lumber, which has seen higher demand from a boom in residential construction during the pandemic.
Take Control When You Can…
While juggling material supplies to keep projects moving, contractors can’t afford to waste time or energy on other aspects of the business. Even small inefficiencies—like shuffling around for bonds the old fashioned way—add up. Take control with a surety line of credit from Colonial Surety Company. It is quick and easy to pre-qualify.
After entering just a few, bare essentials about the business in Colonial’s snappy 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 busy contractors: simple, direct, and efficient, with value added services built right in.
Founded in 1930, Colonial Surety Company is a direct seller and writer of surety bonds and insurance products for a wide range of industries and professions. The Partnership Account® reflects Colonial’s priority: innovating to provide value-added services to busy contractors. Colonial is rated “A Excellent” by A.M. Best Company, U.S. Treasury listed, and licensed for business everywhere in the USA!