2026 Construction Outlook: Growth in Select Markets Amid Broader Uncertainty
The construction industry is heading into 2026 with a mixed outlook, according to the 2026 Construction Hiring & Business Outlook survey released by the Associated General Contractors of America (AGC) and Sage. While some sectors continue to show strong demand, overall contractor confidence has softened compared to last year. Contractors reported fewer bidding opportunities overall,… Read more
How to Secure a Construction Bond: A Step-by-Step Guide
When a construction company needs to secure a bond, the most critical first step is partnering with a reputable surety bond broker. An experienced broker serves as your advocate throughout the bonding process, helping position your company in the strongest possible light and guiding you toward the most favorable bond terms and conditions available. A… Read more
Surety Bond Costs and What Drives Your Premium
Surety bonds are a routine requirement across the construction industry, but securing the right bond doesn’t have to strain your budget. Understanding how bond costs are calculated—and what influences your rate—helps you make informed decisions as you prepare for upcoming projects. What Surety Bonds Typically Cost Surety bond premiums are charged as a percentage of… Read more
Surety Bond Requirements for Construction Projects in Michigan
Surety bonds play a critical role in keeping construction projects on track—especially when public funding is involved. Federal, state, and local regulations often require contractors to secure specific bonds before work can begin, making it essential to understand what’s needed for each project. Public Project Bonding Requirements The federal Miller Act mandates that general contractors… Read more
Why Partnering with the Right Construction Surety Bond Company Matters
Surety bonds are essential in the construction industry for managing risk among multiple parties and large financial commitments. They ensure that owners, contractors, subcontractors, and suppliers can trust one another to fulfill obligations and receive agreed-upon payments or services. Surety bonds protect all parties involved in a project, helping ensure that work is completed as… Read more
Construction Bonds vs. Insurance (and Letters of Credit): What Contractors Need to Know
In the construction industry, risk is part of every project. From fires and theft to contractors failing to deliver on their commitments, unexpected challenges can threaten budgets, timelines, and relationships. To manage these risks, project owners and contractors often turn to two tools: insurance and surety bonds. While they may sound similar, they serve very… Read more
When Are Construction Bonds Required
Not every construction project requires a bond, but there are several key situations where they are typically mandated. These bonds provide financial protection to all parties involved, ensuring that the project progresses smoothly and that obligations are met. Below are some of the common scenarios where construction bonds are required: Public Projects Government construction projects… Read more
Understanding Bonding Capacity and How to Increase Yours
For construction companies looking to expand, securing larger projects often requires higher bonding capacity. Surety bonds assure project owners that a contractor is financially stable and capable of completing a project. Without sufficient bonding, contractors may be limited to smaller projects, which can hinder growth. Therefore, increasing bonding capacity is a crucial step for contractors… Read more
Michigan Bond Claim FAQs: A Guide for Construction Surety Bonds
If you’re involved in Michigan’s public construction projects, understanding the ins and outs of bond claims is essential. Below are answers to frequently asked questions about Michigan’s public payment bond claims laws, so you can better navigate the process when you need to file a claim. 1. What Types of Public Projects Are Covered Under… Read more
Tax Saving Opportunities for Manufacturers and Contractors
Despite changing economic conditions and evolving regulations, several tax advantages remain consistent for manufacturers and contractors. Here are five key tax breaks that can help reduce tax liabilities, improve cash flow, and better navigate financial uncertainties. Cost Segregation Studies Cost segregation allows businesses to accelerate depreciation on buildings by reclassifying certain components, such as equipment… Read more