Newsletter I November 2024

DISCA News

Industry News

Dennis in the Dirt: 3 Key Factors Affecting the Construction Industry Post-Election

After a summer of hot temperatures, high demand for projects and, at times, steep prices, we’re hoping a drop in the thermostat’s mercury levels will also cool down the market’s recent volatility. Within the construction industry, we often hope for the best but prepare for the worst. So, on any jobsite, we are reluctant toward extreme outlooks — both positive and negative.

Instead, when discussing the key factors guiding the future of the construction industry and those in it, we often pick apart the “not-so-great” to find the “great” happenings, whether those are happening right now or in the near future.

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Despite Elevated Fears, Contractors Still Lack Cyber Insurance

Half of surveyed contractors don’t have cyber insurance, a new survey from New York City-based insurance firm Travelers found.

The 2024 Travelers Risk Index, which began publishing in 2014, asks business insurance decision-makers from U.S. companies of various sizes and industries about the issues that worry them most, according to a news release announcing the results. This iteration, conducted by Hart Research, counted 1,202 respondents across eight industries.

For the fourth time in six years, cyber threats ranked as the top concern for survey participants. A record number of participants, 62%, say they worry some or a great deal about cyber risks.

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9 Year-End Tax Tips for General Contractors

Anita Mahamed is a CPA, CFP and a partner at Milwaukee-based Wipfli, an accounting and consulting firm that works with construction companies. She leads Wipfli’s construction and real estate practice in southern Wisconsin. Opinions are the author’s own.

April 2025 may feel like a lifetime away. And tax planning? A distant priority compared to the daily issues contractors are facing. But this is the right moment to plan for April’s filing date, while there’s still time to improve your tax position.

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When Does an Owner Have a Right of Nonperformance?

Owners can find themselves in a precarious situation when a contractor fails to perform, but nevertheless, still expects payment. Many contracts require owners to make payment to contractors based on the application for payment, work performed, and other factors. When a delay occurs and a dispute over payment arises, it may not be in the parties’ best interest to immediately terminate the relationship. Rather, parties may attempt to remedy the issues to get the project back on track. A recent case out of Rhode Island discusses this situation and specifically, when an owner is justified in refusing payment when a contractor materially breaches the contract.

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