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U.S. construction spending beat forecasts in December, and the housing industry is showing improving demand. January construction starts on single family homes were higher than they’ve been in four year, and building permits were up as well. Growth is partly due to a jump in multi-family housing. In the commercial arena, industry trends include joint ventures and industry consolidation, and according to Hoovers/D&B, guaranteed maximum price contracts are gaining popularity.
The construction industry in Miami is showing lots of life as well, and is expected to begin adding jobs after 62 months of job losses. As business picks up and the new year begins, Kaufman, Rossin construction accountant Terri Richards blogged a recent reminder in Construction Today: “it’s time to …think about putting together the dreaded construction in progress (CIP) and completed contract schedules…the time it takes to create them is time well spent.”
Got a handle on your cash flow? Access to credit is still
extremely difficult, and having cash on hand may help your company
obtain a loan - or continue to function without one.
Our professionals have decades of experience in all aspects of tax and accounting for construction companies, and often help clients build their reserves. According to principal Steve Demar, techniques to maximize cash flow include reviewing the structure of deals, re-assessing insurance needs, leasing equipment, and balancing the use of subs and hired staff.
Even in the best economic circumstances, it's easy for contractors
and builders to find reasons to sue each other. In fact, many think of
litigation as one of the costs of doing business. But as times get
tougher projects stall, costs rise and markets tighten. Banks,
contractors and builders are all focusing more closely on the cash,
looking to salvage as much as possible, often as quickly as possible,
from every project.
Our forensic accountants and litigation consultants assist construction companies involved in lawsuits. But perhaps more useful, litigation consulting principal Steve Berwick has identified the top seven things you should do before beginning your next project ... to avoid the next lawsuit.