UC Santa Barbara faces backlash on their proposed “Dormzilla” project.

In the proposed plans for Munger Hall, an 11-story, 1.68 million square foot student housing center, 94% of the bedrooms had no windows.

Plus, with a density of 221,000 students per square mile, Munger Hall would be the 8th densest neighborhood in the world. 

However, despite the glaring issues and pushback from the community, the project has been pushed forward.

Listen to this week's episode to get the full story.

The number of students transitioning into the construction industry has steadily declined over the past decade. One reason for this could be due to the lack of vocational training in schools.

On this week's episode of Built with Build, we sat down with Dr. Patrick Suermann, department head of the construction science program at Texas A&M University, to talk about the future of education in the construction industry.

If you enjoyed the podcast please like, share, rate, or reach out with feedback!

Failures and inefficiencies in the 8-1-1 system are costing consumers $61 Billion per year.

Why?

Because 8-1-1 policies lack teeth and they don’t mandate the reporting of damaged utility lines.

Plus, utility companies and third party locaters are being sent to do work for projects that don’t exist.

Arkansa, Florida, Georgia, Michigan, Missouri, Wisconsin, and the District of Columbia accounted for 20% of the national waste; roughly $13 Billion.

Here's what we need to do to reduce this waste.

The construction industry has failed subcontractors. Why?

Contractors are acting like a bank and floating money for somebody else's project, but not getting paid back for it for roughy 90 days.

Except unlike a bank, you’re probably not charging interest on your money.

If you’re not paid for 90 days and then 10% retainage is withheld, your entire profit margin may be held for up to two years, depending on the size of the project.

Luckily, there are things you can do to combat this.

Brace for impact. The recent uptick in civil spending could put a serious strain on the current labor shortage.

As more and more jobs are coming down the pipeline, the demand for labor will continue to increase.

What happens when the supply of construction workers fails to meet the demand?

Hiring processes are expedited and companies may hire less experienced employees for supervisory positions. 

However, this practice could compromise job site safety.

Workers must be trained properly for the position they’re filling.

It’s critical towards avoiding an uptick in serious injuries and fatalities.

The construction industry is risky for subcontractors because a lot of things are out of their control. Lack of labor availability, rising material prices, and supply chain delays. 

On this week’s episode, we sat down with Grey Fry, VP of Marketing, at Esub, to talk about how subcontractors can effectively manage their risk.

What's one way you can do that?

By establishing repeatable processes that are consistent across every single project you work.

Leverage is an extremely powerful tool that can fuel your businesses growth.

By using other peoples capital to expand your business, your return on investment is much higher because you're not using your cash on hand to finance the growth; allowing you to reinvest it in other areas of your business.

However, leveraging debt is a double-edged sword and needs to be used responsibly.

On this weeks Finance Friday, Jon Katz, our VP of Marketing, gives insights into how you should be leveraging debt.

According to NordLocker, construction is the No. 1 industry hit by ransomware.

Victims have ranged from multi-billion dollar companies in Asia, all the way down to small family businesses in Texas.

Companies are most vulnerable through email, malware - and most recently - siegware through smart building technology.

Is this a new problem? 

No. But due to recent government funding, construction has become a ripe target.

With a $500 billion market capitalization, we need to be more careful than ever.

You've probably heard this saying once or twice - "there is no such thing as a free lunch." Somewhere along the line you paid for it; either directly or indirectly.

The same applies to your business. 

It costs money to grow and understanding how to leverage debt responsibly, is the key to long-term success. 

However, before you consider exploring these financing options you need to understand the health of your business. 

Listen to this week's Finance Friday to learn more.

Slow payment will cost the construction industry $136 Billion in 2021.

Slow payments drastically decrease your cash conversion cycle and make it impossible for you to increase the number of jobs you’re on.

When subcontractors are forced to cover the cost of wages and materials before being paid, the costs are passed on in the form of higher bid prices and project delays.

How are you suppose to grow your revenue if you’re constantly waiting to be paid for the work you’ve done? 

It’s not easy.

However, there are a few things you can start doing today.