In its latest Settlements Report, the Â鶹´«Ã½-supported Construction Labor Research Council (CLRC) advises that construction-industry collective bargaining agreements settled from January through September of 2023 provide an average 4.6 percent increase in the first contract year. The CLRC notes that the multi-year settlements are now seeing the full effects of the surge in inflation. Because most unions will have negotiated new rates by the end of 2025, the CLRC projects that the steep growth in increases will slow. Measured by dollar value, the first-year increases during the first part of 2023 was $2.97, a substantial $1.32 jump from 2020. The CLRC projects first-year increases to average $3.40 in 2025. Regionally every region except New England has seen increases and nearly every craft has seen increases, some with notable increases.
State construction laws and case law interpreting those laws dramatically impact your contract and, thereby, your risk profile on a project. Before you sign or bid on your next construction contract, it is wise to have a system to navigate these laws. ConsensusDocs is presenting a webinar on November 9th (Register here), providing a systematic approach to navigating critical construction laws and the latest trends. Specific laws covered will include hot-button state construction laws, such as pay-if-paid, indemnification, prompt pay, and notice requirements.
As previously reported, Â鶹´«Ã½ is concerned that changes proposed by the White House Council on Environmental Quality (CEQ) could complicate and prolong the approval of infrastructure projects, jeopardizing the potential benefits of recent legislative acts. On September 29, Â鶹´«Ã½ joined 25 other industry groups in opposing CEQ’s proposed changes to the rules that implement the National Environmental Policy Act (NEPA).
Is short too short? This article tries to answer that question for construction contracts by delving into the major differences between short-form agreements and regular standard ConsensusDocs contracts.
The Â鶹´«Ã½ Education and Research Foundation is once again offering undergraduate and graduate level scholarships to students pursuing excellence in construction management and related engineering programs. With a history of awarding over $11 million in scholarships to more than 4,000 students nationwide, we are dedicated to fostering the next generation of leaders in the construction industry.
Total construction spending increased by 0.5 percent in August, driven by increases in most large nonresidential construction segments in addition to residential projects, according to an analysis of federal spending data the Associated General Contractors of America released today. Association officials said that while growing demand for construction is welcome news, construction firms remain concerned about finding enough qualified workers to keep pace with demand.
Introducing "Â鶹´«Ã½'s Construction Risk Insights," a valuable resource dedicated to enhancing risk management practices and optimizing project success within the construction industry. Check out Issue #1 here. We're thrilled to unveil this newsletter, designed exclusively for the Â鶹´«Ã½ community. Delve into a wealth of Â鶹´«Ã½-focused content encompassing critical areas such as construction contracts, insurance, bonding, safety, labor, environment, finance, technology, and beyond. Join our growing community of industry leaders - subscribe online at /news/newsletter and elevate your risk management expertise with Â鶹´«Ã½.