Happy Veterans Day! Today is one of those National Holidays which really doesn't get the attention it deserves. Even though many of us are working today, it's important to stop, reflect and thank all of the Military Veterans out there (as well as our active duty members of the armed forces) who have fought for the freedom we all enjoy in the U.S...
Beacon's President Dennis O'Neill was recently the featured speaker on the podcast "Surety Today" hosted by Michael Stover, a partner at the law firm of Wright, Constable & Skeen LLP. The episode, which lasts about 45 minutes, focuses on various new technologies and software used in the construction industry. Dennis started off the interview by providing some interesting facts and figures about the current state of the construction industry in the U.S. He then transitioned into the how the construction industry is now using advanced project management software, remote site monitoring, drones, and other technologies. In the podcast, Dennis also talks about some of the impacts of Covid-19 on the industry and how technology is being used in response...
Well, the World Series is over (congratulations Dodger fans), Covid-19 is boomeranging, and the Presidential Election is upon us. What a year...it seems to be lasting forever! On the bright side, in the construction industry we are seeing some positive news in recent weeks as some large construction projects continue to make progress and plans for some very large new projects are being announced. Let’s hope we will see a good resurgence in the economy and many new project announcements over the next year. This month, we profile a very interesting assignment which Beacon has been consulting on: The Catskill Aqueduct Repair & Rehabilitation Project. We have been providing construction consulting services to a leading Surety related to part of this project, which is a major rehabilitation project of a 104-year-old, 74-mile-long, water-supply aqueduct running from the Catskill Mountains to just north of New York City. Our team has consulted on many critical infrastructure projects over the years, but this is an important one because the aqueduct provides almost half of New York City’s water (more than 8.3 million people count on that aqueduct working right)...
Although the Covid-19 pandemic has severely impacted the U.S. economy (and the construction industry), some forward-looking developers are moving ahead with major multi-year projects. It's comforting to think that things will eventually be back to normal. Looking at some of the following projects reminds us that there is light at the end of the tunnel and things will return to normal in the not-too-distant future...
Happy Fall! I hope this message finds you well. As we enter the last quarter of this challenging year, there is some positive news in the construction industry. Recent reports show the U.S. construction industry bouncing back faster than most other sectors of the economy. For example, there have been solid gains in new construction starts, hiring, and project backlog (source: ConstructionDrive.com). In addition, a 2nd Quarter report by Marcum LLP indicates that the U.S. construction industry unemployment rate dropped down to 8.9%, a big improvement compared to the bleak situation back in the late Spring.
As we cautiously return to more normal conditions (at work and at home), Beacon's growing team continues to work hard on a diverse range of construction consulting projects for our clients. In this month's E-News we profile Elizabeth Paquet, one of our Construction Consultants working out of Beacons' New York office. Elizabeth has been working hard for our clients on a number of different high-profile Surety Consulting assignments over the past year. With more than two decades of industry experience, she is a great addition to our team. In other exciting news, Beacon has established a physical presence in Florida, as well as a European presence based in Ireland....
I hope your summer is going well. We are keeping busy here at Beacon, assisting our clients on a wide range of projects, including consulting on a number of construction projects delayed by Covid-19 and finding ways to help get them back on schedule asap. The construction industry is adjusting to the "new normal," which includes dealing with many postponed / delayed projects, managing construction sites differently to protect workers, and, for some GCs and Subcontractors, finding ways to survive through a period of economic uncertainty. In this month's E-News, we highlight some of the consulting services Beacon provides which help sureties, insurers, and construction companies during this challenging period. In particular, we have been very active in recent months working on Subcontractor Default Insurance (SDI) consulting assignments.
I hope this message finds you well and that things are beginning to feel more normal in your area. As the first half of 2020 comes to a close, we are living in a much different world compared to just 4 months ago. The Covid-19 pandemic has forced us to drastically change how we live and work. In the construction industry, we saw many job sites close down for weeks or months starting in early March, with re-openings varying on a state by state basis. As we enter the summer, many states have already given the green light for construction projects to restart. In some areas, construction never stopped (unless a project was directly affected by on-site personnel catching the virus). However, the pandemic continues to have a major impact on the industry...
Although Covid-19 has affected various parts of the country with different levels of severity, it's now critically important to have a Covid-19 action plan at many construction sites—at least until the pandemic subsides or a vaccine is developed. In addition to protecting on-site personnel, helping to stem the spread of the virus, and complying with local, state, and federal directives, it's necessary to have an appropriate Covid-19 policy and action plan for financial and liability reasons. Preventing an outbreak on the job site not only helps to keep workers safe, but can help prevent a construction project from being shutdown by local authorities. Beacon's team can help developers, contractors, Surety companies and other stakeholders by reviewing (and/or helping to develop) Covid-19 action / response plans. At a high level, a good Covid-19 policy and action plan consists of all of the following...
Like many industries, the construction industry has been significantly affected by the current pandemic. In some areas, construction projects were shutdown for weeks or months, leading to significant delays and the push-back of project milestones and completion dates. In addition, slowdowns in material deliveries, new job site procedures, and personnel exposure to the virus have further impacted schedules. All of these factors can put financial strains on developers, GCs, and subcontractors and can potentially lead to disputes with project owners who may seek liquidated damages or other contract-specified penalties for late completion of a construction project...
In late January of 2020, The Pestana Hotel Group opened its 100th hotel, Pestana Park Avenue. The 27-story, 96-room, 39,964-sf hotel is located on East 39th Street at the corner of Park Avenue in New York City. Pestana is Portugal's largest multi-national hotel chain, with properties located in 16 countries on four continents. Starting in late 2017, Beacon Consulting Group was retained by a leading international bank to provide construction loan monitoring services related to the project. For more than two years during the hotel's construction, Beacon's team helped the bank to keep a close eye on progress of the hotel's construction. Beacon project engineers visited the construction site on a regular basis, communicated closely with the team managing the project and provided regular "draw-down reports" to the bank...