Illinois Bankruptcy Court Decision May Complicate Remedies to Collect on Payment Bonds

Aug. 26,2016

A recent decision by the U.S. Bankruptcy Court for the Northern District of Illinois has potentially restricted the remedies that sureties—and, ultimately, the contractors and suppliers to construction jobs secured with payment bonds—may have to collect on payment from the owner.

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Kansas P3 Project Highlights Need For Supplier Security

Aug. 26, 2016

The Kansas Board of Regents could expand its oversight and control over public-private partnership (P3) projects because some legislators in the state have criticized the University of Kansas’s unusual method of getting financing for an on-campus, mixed-use project.

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Trust but Verify: The Key to Securing Payment Rights on Public Projects

Aug. 25, 2016

Whether one is new to the credit management field or an experienced hand, credit professionals working for suppliers and others can and do make certain assumptions about security instruments designed to ensure payment for their companies’ work. Those assumptions in turn bring added risks that can in some cases become very costly.

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Lower Inventory, Higher Prices Stall Existing-Homes Sales in July

Aug. 24, 2016

Reduced inventory levels in most regions of the U.S., minus the West, slowed existing-home sales in July after rising the prior four months, as year-over-year sales declined for the first time since November 2015.

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State Legislators, Governor Battling Over Direction of DBE/MBE Use on Public Jobs

Aug. 19, 2016

A legislative chess match that warrants watching by construction suppliers and contractors nationwide is pitting New York Gov. Andrew Cuomo’s efforts to further elevate disadvantaged business enterprise (DBE) or minority business enterprise (MBE) inclusion in state projects against lawmakers trying to reduce already hard-to-meet burdens on businesses.

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Short-term Prospects Bright in Construction, But Efficiency Still Critical

Aug. 19, 2016

Construction economists predict the domestic industry will see solid growth over the next year or so, with commercial construction and single-family housing leading the way to prosperity. This prediction—and some potential impediments to the forecast such as labor shortages and growing regulatory costs—seems to be playing out on a narrower timeline, the latest Commerce Department figures demonstrate.

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Construction Input Prices Steady in July, Down Year-Over-Year

Aug. 16, 2016

Nonresidential construction input prices remained flat in July, while input prices for both the nonresidential construction sector and construction as a whole remain 2.3% lower than they were a year ago.

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As Construction Grows, U.S. Commercial Property Sees Growing Exposure to CMBS Loan Default Risk

Aug. 12, 2016

The overall near-term outlook for new construction and space absorption for the U.S.’s major property markets fell in the first quarter of the year.

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Hot Apartments Market, Construction Defects Suits Cool Condo Construction

Aug. 12, 2016

New housing supply in the U.S. relative to demand as measured by Trulia, a residential real estate website for home buyers, sellers, renters and real estate professionals, is down about 15% below its historical average, according to their chief economist Ralph McLaughlin. But as construction of apartments has almost tripled in growth over the past five years, multifamily starts in five or greater unit condo buildings have been the slowest to recover in the housing market. One of the reasons for the slowdown is exposure to construction defects lawsuits that drive up the cost of condo projects. Suppliers to condominium projects also need to be aware of some peculiarities of these projects that make securing mechanic’s lien or bond rights more complicated and expensive, or in some cases not possible.

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Construction Jobs Jump in July after Early Year Slump

August 5, 2016

The U.S. construction industry saw 14,000 new jobs in July, dropping the unemployment rate for the sector a tenth of a percent to 4.5%, the lowest for the industry since October 2006. That gain follows some 27,000 jobs lost from April to June, according to an analysis by Associated Builders and Contractors (ABC).

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