David Owen and Mason Rollins | Bradley The construction industry has always included risks – but recent years have brought a new wave of economic uncertainty. Owners, contractors, subcontractors, and suppliers are faced with increased unpredictability related to costs and scheduling due to tariffs, trade disputes, and fluctuating material costs. Currently, imported materials like steel,… Continue reading Mitigating Construction Risks Amid Economic Uncertainty
Tag: Risk Mitigation
Well-Insulated: Predict the Unpredictable Construction Costs
Jill Masur | Construction Executive Contractors may need to revisit some of the processes in their accounting and financial operations. Here are six strategies for construction companies to insulate against cost increases and mitigate financial risks. It’s clear that, at least for the next year or more, the construction industry can expect unpredictable cost variations.… Continue reading Well-Insulated: Predict the Unpredictable Construction Costs
Risk Awareness and Mitigation in Disaster Recovery: During a Catastrophe
Jon Critelli, Randall Coxworth, Paul Ryan and Christian Gordon | StoneTurn In 2022, the United States experienced 18 separate weather and climate disasters costing at least one billion dollars according to NOAA. In 2023, that number rose to 28 separate billion dollar weather events. The frequency and large geographical areas that these catastrophes are impacting means owners… Continue reading Risk Awareness and Mitigation in Disaster Recovery: During a Catastrophe
Protect Projects From Higher Repair Costs and Property Damage
Michael Teng | Construction Executive The cost of risk—and mitigating it—has increased in construction. It’s a trend that mirrors economic headwinds that are expected to continue in 2024. Every aspect of a jobsite costs more today, from materials and labor to tools and equipment. Take construction input costs for example. While relatively flat in 2023,… Continue reading Protect Projects From Higher Repair Costs and Property Damage
Embracing Generative Risk Mitigation in Construction
Georgia Stillwell | Construction Executive Project delays have long plagued the construction industry, with risk often identified as the primary culprit. However, finding effective solutions to mitigate risk on complex projects has remained daunting. Traditional methods for simulating risk primarily focus on extending project timelines, overlooking the diverse range of opportunities available for risk mitigation.… Continue reading Embracing Generative Risk Mitigation in Construction