As the construction industry begins the slow crawl out of the recession, many companies and contractors are increasing the number of bids they submit for residential projects. In fact, the competition is as fierce as it has ever been. Obviously, everyone wants to present the winning bid, so what can owners do to increase their bid-to-business-award ratios? 

Read more: Selling Your Company

With the construction industry having been in a depressed state for so long, contractors are looking for ways to survive. Prevailing wage jobs may just be the key to survival until work in the private sector bounces back. Speaking with contractors who have always performed prevailing wage jobs, they all have the same complaint: Increasingly, contractors with little or no prior experience in a prevailing wage environment are starting to bid prevailing wage projects. 

In years past, contractors would typically see four or five competitors bidding on a prevailing wage job. That isn’t the case today. It’s not uncommon to have 20 or more contractors bidding on one prevailing wage project. With so many contractors fighting to win a bid, profit margins are significantly reduced, thus requiring contractors to bid on more projects. In many cases, contractors have to bid prevailing wage jobs where they have no prior track record. This can create a world of problems for the contractor who doesn’t understand prevailing wage dollars, compliance issues and regulations.

Read more: A Smart Strategy

With the construction industry having been in a depressed state for so long, contractors are looking for ways to survive. Prevailing wage jobs may just be the key to survival until work in the private sector bounces back. Speaking with contractors who have always performed prevailing wage jobs, they all have the same complaint: Increasingly, contractors with little or no prior experience in a prevailing wage environment are starting to bid prevailing wage projects. 

In years past, contractors would typically see four or five competitors bidding on a prevailing wage job. That isn’t the case today. It’s not uncommon to have 20 or more contractors bidding on one prevailing wage project. With so many contractors fighting to win a bid, profit margins are significantly reduced, thus requiring contractors to bid on more projects. In many cases, contractors have to bid prevailing wage jobs where they have no prior track record. This can create a world of problems for the contractor who doesn’t understand prevailing wage dollars, compliance issues and regulations.

Read more: Winning the Wage Game

It is common knowledge that the construction industry has been one of the hardest hit sectors by the global financial crisis over the last five years. However, there are promising signs of recovery and even rapid growth among select construction disciplines in certain geographic locations. Specifically, the U.S. has seen a large uptick in residential construction in the past year. With this increase come new players wanting to supplement their stagnant commercial divisions. In order to avoid almost certain pitfalls, these new players must be conscious and cautious of the differences between residential and commercial construction. For example, firms new to the game must be cognizant of building codes, potential LEED requirements, local regulations, audits, and potential incentives in order to maximize their return and avoid devastating mistakes.

Read more: Look Before You Leap

In business, there are two key strategies for generating more profit: increasing revenue levels and reducing expenditures. When owners or executives only focus on the top line, they miss out on the benefits brought about by cost reduction and performance enhancing measures. While everyone dreads workforce layoffs, there are several less drastic but more effective strategies for improving the company’s performance and enhancing business efficiency. 

Read more: Effective Strategies

Many professionals in the construction industry deal with electrical issues pertaining to interior and exterior lighting. According to the Bureau of Labor Statistics, there were 160,560 electrical engineers employed in 2012. Many of those engineers and others are using outdated, energy-hungry technologies like fluorescent tubes instead of new, LED lighting that is safer, gives off better light without heat and provides lower maintenance costs and sustainability.

Read more: Three Truths About LEDs

When it comes to school construction, building designers balance cost-effectiveness and functionality with the need to create positive learning environments for students. Wood is gaining recognition as a versatile way to achieve these objectives; to meet all code requirements for safety and performance, stay on budget and honor tight construction timelines — while delivering energy efficiencies that pay back for years to come. Additionally, though wood’s appearance has long been recognized for its natural cosmetic appeal, research shows that exposed wood in a room has positive effects on occupant well-being.

Read more: Earning Top Marks

As the national housing market improves, it’s more important than ever for homebuilders to evaluate the way they do business. This will help them meet the increasing housing demand and remain competitive.

Update Plans

To fine-tune his or her business practice, a homebuilder must establish a schedule to update each product line. This schedule should include regularly scheduled meetings to re-evaluate the product and identify which areas need improvement. Be sure to adhere to the three C’s: communicate, collaborate and coordinate.

Read more: Five Better Building Practices

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