Construction Input Costs and Overall Inflation on the Rise: With fiscal stimulus checks hitting bank accounts across the United States this month and tax refunds rolling in, we have our eyes on construction input inflation, as well as inflation in the broader economy. Earlier this month, Associated Builders and Contractors reported that nonresidential construction input [...]
What can you do to prepare for the potential hardening surety market?
Everyone wants to grow their construction business, we want to help you grow yours while avoiding the pitfalls associated with growing too fast.
Florida Surety Bonds, Inc. is proud to continue its support of the Central Florida Community by sponsoring a tent at the 7th Annual Schmid Foundation Golf Tournament on October 18, 2019. Susan Reich, Vice President of Florida Surety Bonds and Eileen Mazza of Schmid Construction Tested the Golfers' Paper Football Skills at this Year's Tailgate [...]
The price of construction materials decreased 1.8 % from October 2018 to November 2018, according to data released by the U.S. Bureau of Labor Statistics. Materials prices are still 5.3% higher than last year, led by double digit percentage increases in steel, iron, and natural gas. According to Associated Builders and Contractors, Inc.'s chief economist, [...]
On Monday December 3, 2018, the U.S. Census Bureau released monthly U.S. construction spending statistics for October 2018. Per the newest monthly report, public construction spending as of October 2018 is 0.8% higher than forecasted in September 2018, while private sector spending is 0.4% lower than previously forecasted. This year, public construction spending is 8.5% [...]
Orange County, Florida just announced 119 public construction projects as part of the County's projected procurements for the 2018/2019 fiscal year. The projected budgets for these construction projects exceed $360,000,000. Construction projects over $100,000 for the state of Florida and its political subdivisions require surety bonds pursuant to Fla. Stat. § 255.05. Although cities and [...]
Effective today, October 1, 2018, the Small Business Administration's Surety Bond Guarantee program cut its fee for surety bond guarantees from $7.29 per $1,000, to $6.00 per $1,000. The SBA guarantees contracts up to $10 million for contractors who are unable to obtain bonding through regular commercial channels. The SBA's fee is in addition to the premium charged [...]
Effective October 1, 2018, the Small Business Administration's Surety Bond Guarantee (SBG) program will cut the contractor's fee for surety bond guarantees from $7.29 per $1,000, to $6.00 per $1,000. Many small and emerging contractors rely on the SBA to gain access to surety credit, and since the SBA fee is paid on top of [...]