The latest US Commercial Construction Index shows signs of optimism. How prepared is your company for growth? Secure partners to help you respond quickly to new projects
The US Chamber of Commerce Report
Two of the three indicators the US Chamber of Commerce uses to take a snapshot of the industry to reflect contractor optimism looking forward:
As contractors look to the future, 82% now have moderate to high confidence that the U.S. market will provide sufficient new business opportunities in the next 12 months, up from 75% in Q2. The majority (60%) of contractors expect their revenues to remain about the same in the next 12 months (the same as in Q2); 22% expect an increase, up from 17% in Q2.
Supply Lags Remain Worrisome
The construction industry continues to fear a scarcity of supplies in the face of 2020s many disruptions. As khl.com reports:
Complicating the forecast, however, is concern over materials. Though there has been substantial concern over lumber prices, the new US Chamber of Commerce index found twice as many contractors — 41% — were worried about steel prices. A total of 54% of contractors, versus 45% in the previous quarter, reported they confront shortages for at least one material.
Win The Bid—Secure The Best Partner
Succeeding amidst the disruptions of 2020 requires running your contracting business with agility and speed. Be ready to bid more efficiently on more projects with an innovative solution to expediting the process of securing bid bonds, and payment and performance bonds.
With over 20 years of experience arming contractors with bid bonds, Colonial Surety Company has developed a unique Partnership Account®, giving contractors Colonial Surety’s power of attorney and corporate seal. This means your business can issue its own bid bonds instantly—and order performance and payment bonds too.
Good To Know: First Place Estimators!
Each year, Associated Builders and Contractors (ABC) runs a Construction Management Competition. This year, twenty-six teams of college students from across the country participated virtually, with winners announced in August. Florida International University’s team won the overall competition, and also took first place in the “estimating and project management” component.
As Greg Sizemore, ABC’s vice president of health, safety, environment and workforce development summed up:
The Construction Management Competition is a great opportunity for our future construction industry leaders to test their skills in real-time. Designed to challenge construction knowledge, organization, time management and presentation skills, every competitor showed diligence, tenacity and teamwork. We’re excited about the contributions these students will soon make to our industry.
When you partner with Colonial Surety Company your bid bond will get you in ahead of the competition. Licensed in all 50 states and US territories, we are the easy choice to obtain your I-Bond® (instant, online surety bond). Apply for your bid and performance bonds online now!