Credit departments' shift from paper checks to digital payment platforms was underway well before COVID-19, but according to several experts, the pandemic is accelerating this transition. Diana Eagen and Frank Cook, of document automation and order management software solutions company Esker, said the current economic climate continues to ease...

Working hard to collect payments from customers is challenging, but credit professionals know it's important remain exactly that: professional. However, not everyone follows the rules as was the case with three companies and their owners and managers who allegedly "cheated small businesses in New York and across the country out of millions of dolla...

Construction input prices have yet to establish a trend over the past few months, despite a slight increase in May. Although prices rose 0.8% last month, Associated Builders and Contractors (ABC) Chief Economist Anirban Basu said U.S. construction firms should focus their attention to "broader trends" given the current economic climate.According to...

The construction industry featured its latest accomplishment in May, adding 464,000 net new jobs—the largest monthly increase in more than 80 years, according to Associated Builders and Contractors (ABC). Although there were fewer jobs in May compared to the prior year, nonresidential construction employment added 237,000 net new jobs last month af...

As the coronavirus pandemic continues, so do online scams. Last week, Google warned the public of the ongoing battle against phishing attacks, some often involving fraudsters stealing confidential data as well as tricking those into believing they will receive financial relief.According to Google security experts, cybercriminals have been quite act...

Although existing home sales declined last month, new home sales held their ground in April with more than a half-percent rise. National Association of Home Builders (NAHB) reported the increase brought the seasonally adjusted annual rate to 623,000 units.NAHB Chairman Dean Mon said in the report that the new home sales results "show the potential ...

A bit of good news made its way to the construction sector last week when Associated Builders and Contractors (ABC) reported a dip in construction input prices in April. Overall prices declined nearly 4.5% last month, the majority of the decline seen in nonresidential construction input prices at 4.2%. ABC Chief Economist Anirban Basu said inflatio...

Unemployment has reached record highs since the outbreak of COVID-19 and the construction industry is feeling it. According to the National Association of Home Builders (NAHB), the unemployment rate continued to rise in April with an increase of nearly 15%—a total of 20.5 million jobs lost in 30 days.NAHB reported residential construction employmen...

As the U.S. experiences this drastic economic downturn from COVID-19, Associated Builders and Contractors (ABC) revealed only a slight dip in nonresidential construction spending in March for a total of nearly $803 billion. Despite falling 0.1% in March, nonresidential construction spending increased 2% over the prior yearAccording to ABC, 12 of th...

Contractors are not anticipating a bright foreseeable future, at least for the time being, thanks to COVID-19. According to a recent report from Associated Builders and Contractors (ABC), its Construction Confidence Index (CCI), reached an all-time low in readings for sales, profit margins and staffing levels, with all three scores plummeting below...

Two weeks after its launch, the Payment Protection Program's (PPP) $349 billion in small business loans has run out, leaving hundreds of thousands of small businesses that didn't receive funding scrambling for assistance. Additional bailout money is under discussion in Congress, yet president and CEO of Atlanta's Federal Reserve Bank Raphael Bostic...

April is often the time of year when construction begins ramping up, bringing in plenty of business after the winter months. However, COVID-19 is throwing a wrench into the situation as many construction companies are now laying off or furloughing their employees. According to a survey of nearly 1,300 respondents from Associated General Contractors...

COVID-19 has ravaged employment nationwide and if further proof was necessary, the construction industry declined by 29,000 jobs in March. A recent report from Associated Builders and Contractors (ABC) revealed the dramatic drop, which included the loss of 24,600 nonresidential construction jobs.With a March unemployment rate of nearly 7%, the cons...

Industries nationwide are struggling to navigate the coronavirus outbreak and how it will potentially impact future business. On March 27, U.S. President Donald Trump signed the Coronavirus Aid, Relief and Economic Security (CARES) Act into law in an effort to help citizens personally and professionally, including the construction industry.Under th...

Where there's a will, there's a way, and fraudsters are taking that proverb to heart amidst the COVID-19 outbreak. According to cybersecurity firm Proofpoint Inc., phishing attacks have increased dramatically since January as criminals send emails posing as legitimate businesses.Earlier this month, The Wall Street Journal (WSJ) reported Proofpoint'...

To the delight of construction professionals, input prices dropped more than half of a percent in February, specifically 0.6% for nonresidential construction. Associated Builders and Contractors (ABC) Chief Economist Anirban Basu said although this news is generally welcomed with open arms, "there can be too much of a good thing," especially consid...

Employment in the construction industry thrived in February with the addition of 42,000 net new jobs, displaying a substantial increase year-over-year (YOY). Associated Builders and Contractors (ABC) reported the annual gain showed an expansion of 223,000 jobs.According to the latest ABC report, nonresidential construction led the charge against un...

There's no better motivator to learn the signs of fraud than financial loss. This was the case for businesswoman and "Shark Tank" entrepreneur Barbara Corcoran who lost nearly $400,000 to an invoice email scam reported last week.According to People, an invoice was emailed to Corcoran's bookkeeper, "approving the payment for a real estate renovation...

By Chris Kuehl, Ph.D., NACM Economist—Short Items of Interest—US EconomyTrump Reversal?If you are having a hard time figuring out the Trump approach to China trade, you are not alone. In the last couple of years, it has been a mix of tactics without a discernible pattern. In many respects, it seems to reflect an internal battle between advisors, as...

Technology implementation is running rampant in many industries but has not yet fully taken hold in the construction sector. A study from the Midwest Economic Policy Institute (MEPI) shows that may very well change in the next four decades, as machines could replace as many as 2.7 million construction jobs by 2057.Earlier this month, Construction D...