A survey of nearly 900 commercial construction professionals concludes that subcontractors continued to bear the brunt of rising input costs for materials and labor in 2022—to the tune of $97 billion in unplanned expenses. Summarizing survey findings in the 2023 National Subcontractor Market Report, Austin, Texas material and labor financing solutions provider Billd notes that rising costs and price volatility…
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Report: Subcontractors incur nearly $100B in unplanned material, labor costs
Sources: Billd, Austin, Texas A survey of nearly 900 commercial construction professionals concludes that subcontractors continued to bear the brunt of rising input costs for materials and labor in 2022—to the tune of $97 billion in unplanned expenses. Summarizing survey findings in the 2023 National Subcontractor Market Report, material and labor financing solutions provider Billd notes that rising costs and…
Read MoreSurety groups: Miller Act indexing exemption protects suppliers, subs
Sources: Surety & Fidelity Association of America (SFAA), National Association of Surety Bond Producers (NASBP), Washington, D.C.; CP staff SFAA and NASBP endorse House legislation that will maintain essential payment protections for subcontractors, suppliers, and workers on federal construction contracts of $150,000 or more. Sponsored by Congresspersons Nydia Velasquez (D-N.Y.) and Byron Donalds (R-Fla.), H.R. 2949 exempts the threshold in…
Read MoreAggregate supply, hauling contract fraud nets hefty fine, lengthy sentence
Sources: U.S. Department of Justice Criminal Division; U.S. District Court for the Eastern District of California, Fresno Division
A U.S. District Court judge has sentenced Chester L. Neal, Jr. of Bourbon Oak, Mo., to a 57-month jail term and ordered him to pay $3.735 million in restitution following a guilty plea to one count of mail fraud. Admissions in connection with the plea indicate a July 2008–December 2017 scheme during which the defendant landed contracts to purchase and transport rock, gravel and other raw materials to federal agency sites.
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