HOW LONG DO SURETY BONDS LAST-Statistics may be eminently malleable, but when used properly, they can be a valuable tool to illuminate where your business is working well and not quite making it up to par. Not only do you need to be aware of the general trends in the industry, but you also need to know how your business is meeting those trends.

This can only be done, however, if you take the right actions and track the right stats in the right way. Check out some of the most important construction statistics for managers that you should track to keep your business running efficiently.

Total Value of Construction Projects

The first thing you want to watch is the total value of construction projects, and how (or if) it has increased nationwide over the past 12 months. In this case, it indicates that the construction industry is growing steadily and quickly. In January 2017, the total value of all construction projects across the country was at $1.18 trillion, which amounts to an increase of 3.1 percent over last year, or $35.4 billion.

Growth has been stronger in terms of residential vs. commercial construction. Residential jobs went up by 5.55 percent, while commercial or non-residential jobs saw only a 1.5 percent increase.

Job Fatality Statistics

Job safety is always of a major concern in the construction industry, which makes tracking injury and fatality statistics an important marker. In this case, an uptick is unfortunate, but it is occurring. Between the years of 2012 and 2015, fatalities in the construction industry have gone up by 16 percent. In 2012 there were 849 construction-related deaths, while in 2015 the number shot up to 985.

This brings into sharp focus the need to focus on creating a safe working environment for your crew. Never take your eye off the mark, as injuries on the construction site can be devastating to your business, not to mention the lives ruined.

Additional Cost Statistics

When we track costs, we usually look at things like labor costs, equipment costs and the like, but too many construction companies fail to account for “other” costs — things that simply can’t be categorized in normal budgetary terms. Most jobs had a staggering “other” expense of 10.6 percent, which can represent a substantial cost overrun per project.

IT Costs

It’s unfortunate, but construction businesses still tend to be staggeringly low-tech. The world is changing and technology has a great deal to offer construction businesses in terms of efficiency, project management, and cost savings, and yet, most construction companies spend less than 2 percent of their budget in information technology.

Only 42 percent of companies, in fact, have a dedicated IT person or department. It may well be time for construction companies to closely examine this shortcoming and address it.

Surety Services

One of the best ways to shore up your business against unforeseen circumstances is to secure the right surety bonding services. Not only are surety services a good idea, they are legally required as a part of doing business.

If you need help getting the right surety services in place for your business, National Surety Services, Inc., has been helping businesses nationwide for many years. Get in touch with us to find out how we can help you today!