Fluctuating markets, uncertainty surrounding tariffs, and the current labor shortage increases the financial risks for contractors, owners, architects, engineers, and other specifiers. Learning ways to mitigate such risks, including a better understanding of escalation clauses, value engineering, supply bonds, captive insurance, and subcontractor default insurance can help to protect specifiers from the unknown. Having greater insight into the current labor shortage, as well as adopting retention and recruitment strategies, can further help firms and businesses navigate uncertainty.

Learning Objectives

  • Understand how rising materials prices challenge building professionals and make it difficult to complete a project on time and on budget.
  • Explore how to mitigate financial risk and manage projects advantageously despite rising material prices.
  • Examine why there is a construction and manufacturing industry labor shortage and the repercussions of this shortage.
  • Identify solutions for finding and employing skilled workers to fill the widening skilled labor gap.

Pre-requisite: None.