When it comes to acquiring construction equipment for your commercial construction company there are a number of factors to consider when it comes time to decide whether you rent, buy or lease.

Running a successful construction company isn’t easy. The industry is full of risks can challenges that can lead to failure. According to data from the Bureau of Labor Statistics, of the 69,296 private construction firms that started operation in 2001, 56% were still around three years later, 26.6% made it to year 10, and only 17.2% were still in operation 20 years later. That’s a failure rate of nearly 82.8%. Let that sink in for a bit.

In 2020, the CDC found that the construction industry has the second-highest suicide rate in the country, and construction workers are 3.5 more likely to die by suicide. With the suicide rate in construction ranked as one of the highest by occupation, industry leaders and members must take the necessary steps to educate and support those at risk. In addition to spreading awareness and education around the topic, something more sustainable and lasting must be done to help prevent and reduce suicides in construction. 

There are approximately 133 deaths by suicide per day in the United States. This equates to someone taking their own life every 11 minutes. To better understand the causes and how to combat this issue, the Center for Disease Control and Prevention conducted a survey to discover which industries and occupations were at the most risk for suicides.  

Construction Risk Management: What Contractors Should Know As a construction contractor, you likely contend with multiple risks each day. Every project on which you perform work is unique and likely involves both risks and potential benefits. To be more successful, you must understand how to identify and manage risks on construction projects to help avoid potentially detrimental issues.

Construction sites can be a dangerous work environment. Safety managers and project managers are tasked with identifying and eliminating hazards to ensure the safety of everyone on the jobsite. Conducting a job hazard analysis for each job on a project is an effective method for mitigating potential hazards and protecting workers.

Strong relationships between general contractors and subcontractors are an important component of a successful project. These relationships don’t mature overnight, and it takes time and effort from both parties to build a level of trust that evolves into a strong working partnership. Putting in the work to build these relationships can be mutually beneficial to both parties and pay off for years to come.

Construction work is inherently dangerous. Construction consistently leads all industries in total worker deaths each year and has one of the highest fatality rates for worker deaths. The top priority of every construction company should be to protect their workers from injuries and ensure everyone makes it home safe at the end of each shift.

As a general contractor, building strong relationships with your clients is important to your company’s success. Good client relationships can lead to repeat business, referrals, and word-of-mouth marketing. A good working relationship built on trust and understanding can go a long way when issues arise on a project.

When you’re estimating your next concrete job, regardless of whether you’re putting together a quick quote or submitting a formal bid, you need to nail your takeoff. If your material takeoff measurements and calculations aren’t accurate, you’ll overestimate or underestimate the project.