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 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.
When a firm is just beginning, the business owners can feel a range of emotions. It's exciting to start your own business venture, but it can also be an intimidating process. There are so many things that could happen in the future, especially when the business is new and trying to grow.
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Data makes the world go round. With access to high-speed, readily available information, companies across a range of industries can ensure smart decision making and better investments. Even the construction industry isn't immune to data and digital transformation.
Transportation infrastructure will stimulate the U.S. economy significantly over the next few years. Hundreds of large projects have been announced; so many in fact, it should be possible for almost every type of contracting firm to find attractive opportunities.
General contractors find work in several ways: open bidding, negotiated contracts, submitting proposals, design-build contracts, etc. Regardless of the solicitation method, they all have one thing in common, the general contractor will need to subcontract out some, or all, of the work to trade contractors and other vendors.
The construction industry really took it on the chin during the Great Recession. The number of construction firms fell by nearly 150,000 between 2007 and 2013 and over 2.3 million jobs were lost due to layoffs, early retirement, and workers leaving for greener pastures. With a majority of economists predicting another recession hitting sometime in 2020, it’s understandable that construction business owners aren’t looking forward to another economic downturn.