On October 25, 2022, we were pleased to host our 9th Annual Good to Great Conference, which was attended by more than 130 guests comprised of CSBA contractor customers and surety companies. We started the conference off with Rose Nguyen from Hope Builders informing our construction companies in attendance about their new Hope Builders Career Connections, which partners with construction companies to help staff positions, which is desperately needed in the construction industry today. With 40% of the current US construction workforce expected to retire early next decade, recruiting the next generation of construction labor is more important than ever.
Dan Huckabay then presented on recent trends in the California construction and surety company industries. The presentation is based on CSBA’s proprietary data put together in their annual Construction Market Outlook Report, which showed that California contractors had significant clients and operating margins during 2020 and 2021 as they felt the effects of the pandemic. Contractors were great beneficiaries of the PPP loans and Employee Retention Credits.
Download the full 2022 Construction Market Outlook Report
Surety Companies Perform Well During Pandemic
The surety companies fared much better during Covid and claims against performance bonds continue to be at two-decade lows. However, now that the PPP loans and Employee Retention Credits are behind us, surety companies faces new risks as contractors continue to battle with inflation, project delays, and labor shortages.
Liberty Mutual Surety, one of CSBA’s surety companies, provided an economic forecast for the California construction industry. With the pending infrastructure spending, there is reason for optimism in California public works construction.
Our keynote speaker was Mel Kleinman, founder of Humetrics, who spoke to our construction and surety companies about how to find the right people and keep them.
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