Dog Days of Summer??

This month, we're tackling the summer heat with tips to keep your construction sites cool and efficient. We're also excited to report a dip in construction prices and share essential tax strategies for contractors in 2024. Discover our latest product updates, featuring enhanced navigation and innovative beeswarm charts for superior data visualization. Plus, don't miss out on our upcoming webinars and power sessions designed to boost your expertise.?

STATE OF THE INDUSTRY

???Dog Days of Summer

At the month's start, 75M Americans faced heat alerts as soaring temperatures and humidity hit the nation. The hottest day ever recorded surpassed the hottest day ever recorded the next day. Recently, OSHA proposed a rule aimed at protecting 36M workers from heat exposure on the job, covering both outdoor and indoor employees. If approved, it would establish America's first major federal heat-safety standard.

• The rules:?Employers would be required to prepare heat-response plans and designate a heat-safety coordinator. Temperature levels would trigger various precautions. At 80 degrees: access to water and break area. At 90: paid 15-minute breaks every two hours.
• High-risk jobs: Construction workers, 6% of the total workforce, accounted for 36% of heat-related workplace deaths between 1992 and 2016. Studies show that deaths are climbing as temps rise.
• "Cool" Gadgets and Gear: If you want to go the extra mile to beat the summer heat on the jobsite, here are plenty of gadgets available to help

?? Construction Input Prices Dip For 2nd Straight Month

Construction input prices decreased by 0.3% in June due to fewer project starts across various sectors, according to an ABC analysis of U.S. Bureau of Labor Statistics data. Despite the decline, overall and nonresidential construction costs are still 1.1% and 0.7% higher, respectively, than a year ago. Anirban Basu, ABC chief economist, noted that the price dip reflects reduced demand in segments like multifamily and commercial construction.

???Let the Games Begin

The 2024 Paris Summer Olympics have commenced and global attention has turned to the city of light. Over 10,000 athletes will be competing in 329 medal events. Here is a glimpse of the new sporting venues built for these games which includes a new aquatic center, badminton area, and climbing wall.

?? Strategic Tax Planning for Contractors in 2024

With 2023 financial statements and tax returns finalized, contractors should now focus on the 2024 tax year and beyond. In the competitive construction industry, continuous adaptation is key. Using the right software for accurate data interpretation, implementing a solid succession plan, and strategizing income tax planning to reduce taxes will help build a solid foundation for success and ensure control over your financial future.

STATE OF CONTECH

Australia-based HammerTech raised $70M for it's one-stop solution for safety

Change order software provider Clearstory raised a $16M series B round

STATE OF PRONOVOS

Upcoming Live Webinars

Join us for our upcoming live webinars featuring ProNovos clients. If you want to attend but can't make it, register anyway to receive the recording afterward.

• Disrupting Construction: Envision's Tech-Driven Transformation?August 15th, 12 pm ET with Envision Construction CEO Avi Reddy
• From Penalty Box to Power Play: Equipping PMs with Financial DataSeptember 17th, 3 pm ET with Alessandro Electric President Clint Alessandro

Upcoming ProNovos User Power Sessions

You are invited to sign up for our engaging 15-minute power sessions designed to help you master features within ProNovos, the upcoming sessions are below:

• Monthly Cost ForecastingAugust 6th, 1 pm ET?with Product Manager Kevin Bright
• Maximizing Project Success with Job ReviewsSeptember 10th, 1 pm ET with Implementation Manager Denver Sperry

[product updates] Beeswarm Chart, Project Navigation, Table Grouping, WIP, and Cost Forecast

Read about recent updates we've made to empower contractors with actionable insights and innovative tools such as pinning your favorite projects for easier navigation, enhancements to the WIP and Cost Forecast columns, and refined Beeswarm charts.??

Understanding and Managing Change Orders

A change order in construction is a crucial document used to formally alter the original agreement of a construction project. This document meticulously details the necessary changes in the scope of work, cost, and schedule. Whether due to unforeseen site conditions, design modifications, or client requests, change orders ensure that all parties know and agree to the adjustments.

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