SIGC – News Archives – August 2020

August 31, 2020
PPP loan forgiveness could result in big tax bills

Businesses that received Paycheck Protection Program loans are anxiously eyeing an IRS ruling that could affect whether they apply for loan forgiveness. In a notice this spring, the IRS said it had ruled out tax deductions for wages and rent paid with forgivable PPP loans in order to prevent a “double tax benefit.”…read more

August 27, 2020
The 10 large construction markets most devastated by COVID-19

New Dodge Data & Analytics research shows that U.S. commercial and multifamily construction starts plunged 22% during the first six months of 2020 compared to the same time frame in 2019. In terms of sectors, only warehouse construction posted a very small gain, while office, retail, hotels, commercial garages and multifamily housing all fell….read more

August 26, 2020
Prince George’s Seeks Developers for Public-Partnership School Projects

Jason Washington, the school system’s new public-private partnerships director, said during a school board meeting Friday, Aug. 21 four developers expressed interest in submitting final proposals.
According to the terms of the proposal, at least 30 percent of the contract value must be procured through minority and county-based businesses…read more

August 19, 2020
Why construction documentation matters more than ever during COVID

At more than $1 trillion in annual spending, the construction industry accounts for a significant portion of national GDP and is a major driver of the U.S. economy. The COVID-19 pandemic has sparked incredibly complex challenges, from nervous lenders to on-site safety measures to liability. Documentation has become an absolutely vital tool for protection and preservation of resources in this uncertain environment…read more

August 14, 2020
Construction backlog declines in July

The Associated Builders and Contractors (ABC) national trade association announced Tuesday its Construction Backlog Indicator (CBI) declined to 7.8 months in July, a decrease of 0.3 months from June — which, in turn, has decreased contractor optimism. The CBI is a forward-looking national economic indicator that shows work construction companies are contracted to do in the future, measured in dollars…read more

August 14, 2020
Construction technology in an evolving world

The use of construction technology is becoming increasingly important in a world where we are not relying so heavily on standard building types and are instead turning more and more to one-off prototype construction projects…read more

August 11, 2020
Study finds COVID-19 protocols led to a 7% loss on construction projects

A new study confirms and quantifies what contractors across the country already know: Implementing COVID-19 safety preparations and protocols at jobsites has led to a decline in productivity, which is eating into their profits. …read more

August 8, 2020

COVID-19 has affected communities all around the world, with reported cases rising each day. Even when many governments and companies are responding rapidly, there is still much to be done. The construction industry has played a critical role in these difficult times, from building hospitals within days to donating equipment…read more

August 7, 2020
Here’s how smart construction could transform home-building after COVID-19

As building sites all over the world gradually re-open after lockdown, it’s becoming increasingly clear that construction will look different after COVID-19. Our global public health crisis has confirmed the urgent need for a new way of building homes and offices, using smart construction to tackle design problems, inefficiency, outdated techniques and environmental challenges….read more

August 7, 2020
Construction continues to struggle during pandemic

The nonresidential construction industry lost 4,000 jobs in July, as compared to June, the Associated Builders and Contractors (ABC) announced Friday. The construction industry as a whole, however, has added 639,000 jobs during the past three months — recovering approximately 59% of the jobs lost during the pandemic….read more

August 3, 2020
US construction spending declines 0.7% in June

Spending on U.S. construction projects fell 0.7% in June as both home building and nonresidential activity declined, the Commerce Department said on Monday. Private and government spending on construction both also declined by the same 0.7% figure…read more

August 3, 2020
Modular Monitor: Beyond emergency medical projects, demand takes HIT

After all, modular construction offers a fast, efficient way to build structures in a controlled factory setting using fewer workers, who can more easily comply with social distancing and personal protective equipment (PPE) protocols than at a traditional commercial construction site.

But something unexpected happened on the way to modular and offsite construction’s sustained COVID-19 surge…read more