ConstructConnect Blog

Construction is a risky business. Each construction project is unique and comes with its own set of challenges and opportunities. Identifying and managing construction project risks can be tricky, but not impossible with careful planning and execution. When a risk turns into reality it can disrupt and derail a project which is why construction risk management is so important. In order to avoid disaster, you need to be able to properly assess, control, and monitor risks once they’ve been identified.

Costs are an integral part of the construction business: the industry spends money to make money. But despite some of its best efforts, considerable operating costs are making it more challenging to compete and, in some cases, undermine the quality and value of the projects delivered to clients. Coupled with this are the mounting administration costs, salaries, rent, and others that send the red marker of some companies into overdrive. An obvious solution is to reduce these operating costs to remain profitable and competitive.

When it comes to construction management, it starts with an understanding of the project design, construction planning, execution process, along with the effective use of resources. Considering the definition of Project Management Institute, construction project management is defined as the coordination between human and material resources that helps to achieve the defined construction goals while driving the goals related to cost, time, scope, and quality.

While the construction industry has weathered the coronavirus (COVID-19) pandemic better than others like retail and hospitality, it hasn’t been all kittens and rainbows either. From February through April, the construction industry lost over a million jobs. To put that in perspective, during the Great Recession the industry lost about 2.3 million jobs. Through June, the industry has managed to gain back over 600,000 jobs.

With the spread of COVID-19, the construction industry has gone through drastic situations with the continuous loss of business and the suspension of projects. Considering these difficult times, the construction authorities and the government have imposed strict control regulations even for the construction declared essential.

Money talks. Cash is king. Bill early and often, and collect all billings. For most business owners, these are more than simple catch phrases. They are the rules of business that spell the difference between success and failure. And perhaps nowhere is that truer than in the construction industry.

The construction industry can be volatile and unpredictable at the best of times. With the coronavirus pandemic sweeping the globe, construction work is taking a hard hit. Projects are getting delayed and even canceled as regions open and close to try to slow the virus's spread.

Subcontractors fill various niches in the construction industry, bringing their specialized skills whenever and wherever they're needed to complete a project. As with most things, it's important to be careful before choosing a subcontractor for any particular job. What do business owners and project managers need to know to properly vet their new subcontractors before signing on the dotted line? Here are a few tips.

Ever since it struck at the beginning of 2020, COVID-19 has altered our lives. It has wrecked the economy, shoved millions of people out of a job, and locked us inside our homes.

For any sector that isn't considered essential right now, work is hard to come by. The construction industry has been a mixed bag across states and localities, with some projects continuing and others on pause. While work may be scarce, many supervisors and business owners are looking for ways to keep their teams active and engaged. They're also trying to find methods to keep their employees working when everyone is supposed to be staying home and maintaining six feet of distance in public.