As of the first quarter of 2016, the Bureau of Labor Statistics (BLS) reports that there are over 768,000 construction companies currently operating in the private industry in America. There are also countless more that have come and gone. According to Statistic Brain, only 47% of construction startup businesses are still operating after year 4. Personally, I've seen many people break off from a construction company and create their own business; some are still in operation, others have failed.
So what sets the successful businesses apart from the others? Our friends at GenieBelt have put together a list of 10 reasons why construction companies go out of business. As the infographic shows, it's extremely important to remember that running a profitable construction company isn't only about having the ability building quality projects, it also takes a strong understanding of finance and marketing.
The following infographic is provided by GenieBelt, an easy-to-use construction project management software that empowers communication on site. GenieBelt allows you to regain control of your project and connect fast and easy with all the different construction agents. For more information, you can visit their website at https://geniebelt.com/. Infographic Design by Jenny Yi Lou (firstname.lastname@example.org).
Hello, W orld!
Placing, bending, and tying rebar can be an extremely labor intensive process. It can also be very repetitive, which makes it a candidate for robotic automation. A relatively new construction technology startup is hoping to break into the space after raising some substantial seed funding.
In April, a tower crane being dismantled suddenly collapsed onto an open street in Seattle, Washington killing 2 workers and 2 civilians. Recent violations issued by the state of Washington have confirmed theories that prematurely removed pins were to blame for the incident.
On October 12, tragedy struck at a construction site in New Orleans, when an 18-story under-construction hotel partially collapsed, killing 3. Due to the unstable tower cranes on site, crews have yet to be able to recover 2 of the bodies inside the building.
For the past 5 years, construction technology company, Procore, has hosted their customers and tech enthusiasts at a multi-day conference called Groundbreak. There’s been significant growth since the events humble beginnings, not only in just attendees, but in the conference’s offerings.
This was my second time attending Groundbreak and, in case you couldn’t make it, here are the highlights of the items you missed:
Tragedy struck in New Orleans over the weekend when an under construction 18-story hotel suddenly collapsed, killing at least 2 with 1 still missing and injuring up to 30 others.
For nearly 3 years, an update to the overtime pay rule was held up in court battles, but we may finally have a resolution. The update sought to increase the minimum salary threshold of workers that are exempt from being paid overtime pay for any overs worked over the traditional 40 hour work week.
If you want your construction company to be best-in-class, you need to be able to objectively measure yourself against them. To help assist with that difficult task, Autodesk has announced the release of a new self-assessment tool to measure where your company stands against your competitors based upon 7 different key performance indicators (KPIs).
Mass timber buildings have been a bit of a hot topic in the construction industry for the past few years, especially after Oregon became the first state to approve mass timber buildings up to 18 stories high, which was closely followed by the International Code Council approval of the same height in 2018.
At the National Safety Council Congress & Expo on September 10, 2019, OSHA’s deputy director of Directorate of Enforcement Programs, Patrick Kapust, announced their preliminary list of the 10 most frequently cited safety violations for their fiscal year 2019.
Late last year, crane manufacturer, Sarens, announced that their brand new – and enormous – crane, was ready to be sent off to it’s first job. After several months of prep, the Sarens SGC-250 has finally made it onto its intended jobsite and is ready to lift.