WASHINGTON (AP) — U.S. construction spending in July climbed to its highest level in more than seven years, boosted by an increase in the building of houses, factories and power plants.
The Commerce Department said Tuesday that construction spending rose 0.7 percent to a seasonally adjusted annual rate of $1.08 trillion, the highest level since May 2008. The report also revised up the June increase in construction spending to 0.7 percent from 0.1 percent previously.
From Construction Executive Magazine
By Jenny Malcolm
Vehicle and equipment theft is a major challenge facing the construction industry. Without a source of asset protection or method to recover stolen property, construction companies can take a significant hit to their bottom line when they have to replace expensive vehicles and equipment sooner than necessary.
According to the National Insurance Crime Bureau, nationwide construction equipment theft nears $1 billion annually. To prevent losses, construction fleets are employing GPS systems to track current vehicle and equipment locations, which greatly increases the likelihood of recovering stolen property.
From Constructor Magazine
By Ted Devine
Contractors and construction workers perform some of the most dangerous work there is – and they’re often competing on price with professionals who cut corners or skimp on quality to keep their costs low. While the temptation to operate a lean business to minimize short-term expenses may be significant, contractors should be aware that skipping essential protections (such as commercial liability insurance) can be devastating to their business’s long-term viability.
Here’s a look at four hidden – and potentially costly – risks that threaten contractors and construction professionals.