The good news for 2016 is that the construction industry overall is expected to continue growing, with the residential building sector leading the way followed closely by commercial. Some
industry analysts predict that U.S. construction starts will increase 6 percent to $712 billion in 2016, following estimated gains of 13 percent in 2015.
But analyst predictions don't do any good if
your business isn't seeing the profits you expect. Fortunately, 2016 also will bring some key industry trends to help you grow your business and improve return on investment (ROI).
Strategy to Stay in the Black
In today's global economy, developments around the world increasingly affect businesses everywhere. Beyond keeping an eye on the local economy, it's important to be aware of other factors helping to shape the future construction outlook, such as lower oil prices worldwide and foreign currency shifts. To improve their company's ability...
Management of construction equipment and tools is key to your profitability, but it can be time-consuming and tedious without an effective system. When you rely on income from construction tool rental - whether renting equipment to external contractors or tracking tool use per project in-house - the task is even more critical.
Typical challenges involved in tracking construction rental equipment include tracking tool usage time and costs, calculating rental fees and discounts, reducing equipment loss and tracking equipment across multiple customer projects and
National Insurance Crime Bureau has estimated that the construction industry loses $1 billion annually from equipment and tool theft, with a large majority of thefts occurring on the job site. Two main factors determine the type of equipment stolen most often - value and mobility.
Of course, some of the most valuable equipment is too big to steal; yet even some large, heavy equipment goes missing every day. This type of pervasive problem demonstrates just one of the many reasons why it's necessary to manage and track your valuable...