Newsletter I November 2022

DISCA News

6 Ways for Construction Contractors

to View the Economy 

Inflation is still rising, and in response to this, rates are steadily increasing. And many economic experts feel that rising rates will slide us into a (hopefully brief) recession.

Ok, that was two sentences of doom and gloom. We need not go down that road further. We can all read the news.

However, it is productive to talk about doing business in today’s economic and financial climate. For certain, there will be challenges and bumps ahead. That is not in dispute. But at the same time, there will be numerous opportunities present for many companies, and there are some surprising economic facts, as well.

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Lease Accounting Readiness: A Report

Visual Lease, has released a report titled, “The 2022 Lease Market Analysis: Lease Accounting Readiness.” The main finding in the report is that a whopping percentage of companies are not fully aware how their leased assets can be impacted and/or reap cash optimizing benefits. In fact, the report found that 100% of surveyed senior finance and accounting professionals acknowledged that lease accounting compliance comes with real business benefits—including construction leased assets.

In order to prepare for lease accounting standards in 2023, Construction Executive has spoken with Joe Fitzgerald, senior vice president of lease management strategy at Visual Lease, in an exclusive interview. 

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The Importance of Surety Bonds for

Construction Contractors

Get a Better Understanding of the Bonding Basics

If you want to become a construction contractor or are already operating within the industry, you will likely encounter surety bonds.

Depending on your state and the size of the projects you intend to complete, you might be required to secure a contractor license bond before you can obtain a contractor’s license. Several other common types of surety bonds might be required before you can perform work on public or private projects. Since surety bonds are especially prevalent in the construction industry, it is important to understand them and why they are important to you as a construction contractor.

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Despite OSHA’s Efforts, Construction’s Death Rate Hasn’t Budged in 10 Years

The death toll in construction hasn’t changed in the past decade, raising important questions about the effectiveness of OSHA and what it would take to save more lives, according to an analysis by Construction Dive.

Workers continue to die at the same rate — 10 out of every 100,000 workers didn’t come home between 2011 and 2020 — highlighting weak enforcement, meager inspections and fines, and the opioid epidemic. Funerals totaled 1,008 in 2020, the most recent data available. And three in five workers who perished consistently died from the same causes, known as the “Fatal Four.” 

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