Jiwan Thapar P.Eng.,M.Eng., PSP, PMP’s Post

Amidst growing infrastructure demands, the construction industry faces heightened pressure for immediate action. To maintain a competitive edge, contractors must expedite the bidding process to secure vital infrastructure projects. Savvy firms have begun leveraging technology to transform their bidding and bonding strategies, enhancing speed and accuracy, to yield cost reductions of 4% to 6%. Digital empowerment also allows contractors to issue their own bid bonds through online platforms, enabling real-time adjustments for last-minute changes in labor costs, material supply, and price fluctuations. Digital tools, including project control platforms and cost-management software, provide real-time data analysis, minimizing the risks of underbidding or overbidding. This self-sufficiency fosters agility, allowing businesses to respond rapidly to evolving project dynamics without relying on intermediaries. JTE Claims Consultants Ltd. provides a wide range of services to the Canadian construction industry, including construction claims consulting services and commercial advisory and project control services. Visit https://lnkd.in/gJW8uR4 to learn more. #ConstructionTech #DigitalTransformation #Infrastructure https://ow.ly/qrPv50QSfoi

Public-Private Partnerships (PPPs or P3s) are gaining momentum as collaborative frameworks for major infrastructure projects. To determine P3 viability, the preplanning stage requires feasibility studies and risk assessments. Construction in P3s entails complex relationships and partnerships, integrating financing and operational steps. Advantages of P3 contracts include private sector financing, built-in performance incentives, and risk-sharing, where design, construction and operational risks are transferred to the private sector. Challenges include complex contract negotiations, costs associated with risk transfer, and the impact of political shifts on project trajectories. For successful P3 execution, stakeholders should work with trusted partners, strategically allocating risks, and obtaining proper surety bonds to mitigate financial and political uncertainties. JTE Claims Consultants Ltd. provides a wide range of services to the Canadian construction industry, including construction claims consulting services and commercial advisory and project control services. Visit https://lnkd.in/gJW8uR4 to learn more. #PublicPrivatePartnerships #InfrastructureDevelopment #ConstructionManagement https://ow.ly/Z8aF50Qw3k2

In November, the Construction Backlog Indicator increased to 8.5 months, boosted by infrastructure projects, but it remains below last year's level. Large contractors saw a decline, while smaller firms showed a slight recovery. Rising interest rates and credit tightening pose challenges. Profit margins fell, but sales and staffing levels improved. Anticipation of 2024 rate cuts may bring relief, but private-led construction faces obstacles until then. The Middle States region was the only one with backlog gains; all others declined. AGS Associates #infrastructure #AssociatedBuildersandContractors #heavycivil #construction

6 years into the 10 year Government commitment to the construction industry. The ongoing conversation/frustration from Business owners, Exec's within clients, seems to be the same topic on how there is an ongoing lack of collaboration, a constant battle for contractors to make money on projects, an increase in costs, with more competition. Has there really been on transparency on project pipeline? A reduction in the cost of bidding for new projects? Many points stated are a distant memory in the current NSW Government. #Tenpointcommitment #nswgovernment #contractors

Infrastructure backlog jumps 24% pushing demand to ‘upper end of historic levels’ 📈 Construction’s biggest companies are booking more jobs as federal money accelerates infrastructure work, while firms under $100M in annual revenues are having a harder time extending their backlog winning streak. A 24.4% upswing in infrastructure backlog in August kept the overall backlog level 5.7% higher than in August 2022 🚧 Backlog surged more than 30% for the biggest contractors – those with sales of $100M or more – that are most likely to bid on billion-dollar, large-scale infrastructure projects. Do you think these numbers will persist? #infrastructure #infrastructurebacklog

How can savvy construction and engineering companies leverage technology solutions to win infrastructure contracts in a fiercely competitive industry? Learn how to take control of your construction company's bidding by leveraging online tools for bonding here: https://lnkd.in/eh4ktDvg .... #constructionindustry #contractors #projectmanagement #technology #contech #digitaltransformation #bidding #bonding

Public-Private Partnerships (PPPs or P3s) are gaining momentum as collaborative frameworks for major infrastructure projects. To determine P3 viability, the preplanning stage requires feasibility studies and risk assessments. Construction in P3s entails complex relationships and partnerships, integrating financing and operational steps. Advantages of P3 contracts include private sector financing, built-in performance incentives, and risk-sharing, where design, construction and operational risks are transferred to the private sector. Challenges include complex contract negotiations, costs associated with risk transfer, and the impact of political shifts on project trajectories. For successful P3 execution, stakeholders should work with trusted partners, strategically allocating risks, and obtaining proper surety bonds to mitigate financial and political uncertainties. JTE Claims Consultants Ltd. provides a wide range of services to the Canadian construction industry, including construction claims consulting services and commercial advisory and project control services. Visit https://lnkd.in/g43aR6r to learn more. #PublicPrivatePartnerships #InfrastructureDevelopment #ConstructionManagement https://ow.ly/Z8aF50Qw3k2

The Transportation Review Advisory Council (TRAC) has approved the 2024 draft list of projects to receive funding through the Ohio Department of Transportation's Major New Capacity Program. It includes $127.3 million in new funding commitments for 18 projects over the next four years. The public can comment on the draft list by emailing trac@dot.ohio.gov until February 23, 2024. TRAC will vote on the final list at their February 28 meeting. "Businesses are choosing Ohio as the place to locate or expand their operations. These economic wins also bring infrastructure challenges. These projects will ensure that Ohio has the infrastructure not only to meet today’s needs, but tomorrow’s as well," said ODOT Director Jack Marchbanks. There were 28 applications submitted this year. TRAC operates on an annual application cycle. At the completion of the application process TRAC members vote on the approval of the Major New Construction Program List of funding commitments for preliminary engineering, detailed design, right-of-way and project construction. Projects receiving funding commitments are placed into three "tiers" based upon the level of project development:

Construction contractors, OFCCP remains focused on the construction industry - especially projects receiving infrastructure funding. In fact, less than a week into the new fiscal year, OFCCP released its 3rd construction-specific list in this calendar year. Check out this blog Chris Near and I published yesterday for more. #ofccp #construction #constructioncontractor #megaproject #infrastructure #compliance

Infrastructure Projects and Working Capital (Implications for contractors and subcontractors) Delivering infrastructure projects remains a big driver for economic growth. These projects provide massive revenue growth opportunities for many businesses over the short to medium terms. There is a catch though for contractors and subcontractors providing services in these projects. Beyond the win (exciting), establishment (rewarding) and delivery (challenging) stages what keeps many executives of contractors and subcontractors awake at night is the managing of their working capital or put bluntly making sure the monthly costs of delivering the project are paid. After all a certificate does not pay bills, cash does. We have over the last five years seen a lot of companies struggling with getting a proper hold over their working capital management made worse by post-covid supply chain challenges, inflation in the US and Europe which affects the cost of imported goods and a weakening currency among many factors which put a squeeze on cash flows. In this context relays in payments from clients can have significant negative consequences on a contractor or subcontractor's cash flows including sowing seeds of financial distress. Executives need to pay particular attention to all and any cash flow factors and understand their impact, timing and extent and properly build these into their working capital models. Finally, companies delivering infrastructure projects (employers) need to support their contractors and subcontractors understanding that a high turnout of contractors and subcontractors has negative implications for the project.