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Maryland’s Construction
Industry Outlook
Top Trends, Challenges
and Solutions for Success
INTRODUCTIONS
Steve Ball, CPA, CVA, CCIFP
Partner and Director of
Gross Mendelsohn’s
Construction Group
33 years of public...
SURVEY TOPICS
Outlook and Trends
Human Resources and Personnel Development
Accounting and Finance
Technology
Exit and Succ...
Who participated
Close to 200
provided responses
asked to participate
Over 1,000
Download your free copy of the
executive summary to get an
overview of the survey results
Get your copy now
50% of respondents own
their company
85% of respondents are
subcontractors
Who participated
43% of respondents are
ages 50-59
51% of respondents’
companies make less
than $10M per year
Who participated
59% of respondents’
companies have less
than 50 employees
Who participated
OUTLOOK AND TRENDS
78% of contractors said
they think the industry’s
outlook is better than last
year
78% of contractors said
they think the industry’s
outlook is better than last
year
Only 50% of contractors
said the same i...
93% of contractors said
they are more optimistic
for their company’s
outlook than last year
93% of contractors said
they are more optimistic
for their company’s
outlook than last year
Only 85% of contractors
said t...
Finding and retaining
good employees 62%
Finding new
business 42%
The economy 36%
TOPCONCERNSFOR2017
HUMAN RESOURCES
The #1 reason employees
leave their company is
because they can get
more money elsewhere
62% of contractors say
they offer technical or
trade training to their
employees
62% of contractors say
they offer technical or
trade training to their
employees
This is an 8% increase
from 2016
Over half of contractors rank
their company’s current
leadership development
program as “alright”
The majority of contractors
find new employees through
word of mouth
But 90% of Americans who
looked for a job between 2013
and 2015 used the internet1
1 PEW Research Center | http://pewrsr.c...
Nearly 3 out of 10 of
contractors aren’t giving
feedback to employees
on a regular basis
TECHNOLOGY
27% of contractors say their
#1 technology concern is
automated integrations
between software tools
80% of contractors say they use
mobile technology to access
electronic timesheets,
communication between jobs, etc.
20% of contractors were
hacked in the past year
If you’re part of the 80% who
said you haven’t been hacked…
How can you be sure?
EXIT PLANNING
60% of construction
company owners say they
do not have an exit plan
Less than half of construction
company owners say they’ve
identified a successor
19% of construction
company owners say they
have no idea how much
their business is worth
MARKETING
86% of contractors say they believe a
company’s website is an important part
of attracting new customers
Only 50% of construction
companies use Facebook,
compared to 79% of all
online adults
43% of contractors say online
reviews do not impact whether
prospective customers do
business with that company
86% of contractors say face to
face networking results in the
best results for them
Less than 10% of
contractors say their
company’s current
online marketing efforts
are “great”
Increase your company’s
pricing to keep up with rising
costs and competition in the
labor market
Analyze key employees and...
Develop leadership program
for rising stars
Invest in employee morale
programs that keep good
people engaged and willing
t...
Give feedback to employees
after every completed job or
project
Begin or continue to offer
technical and/or soft skill
tra...
Engage the services of IT
specialists who can assess
your system and put in
safeguards to protect your
company’s data
Have...
RECOMMENDATIONS
Keep your website up-to-
date
Utilize social media and
interact with online reviews
CONTACTME
SBall@gma-cpa.com
410.685.5512
www.gma-cpa.com
FOLLOW US
Download your free copy of the
executive summary to get an
overview of the survey results
Get your copy now
Maryland's Construction Industry Outlook (2017)
Maryland's Construction Industry Outlook (2017)
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Maryland's Construction Industry Outlook (2017)

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We surveyed nearly 200 people working in the Maryland construction industry. Here's what they had to say...

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Maryland's Construction Industry Outlook (2017)

  1. 1. Maryland’s Construction Industry Outlook Top Trends, Challenges and Solutions for Success
  2. 2. INTRODUCTIONS Steve Ball, CPA, CVA, CCIFP Partner and Director of Gross Mendelsohn’s Construction Group 33 years of public accounting experience in the construction industry
  3. 3. SURVEY TOPICS Outlook and Trends Human Resources and Personnel Development Accounting and Finance Technology Exit and Succession Planning Marketing 1. 2. 3. 4. 5. 6.
  4. 4. Who participated Close to 200 provided responses asked to participate Over 1,000
  5. 5. Download your free copy of the executive summary to get an overview of the survey results Get your copy now
  6. 6. 50% of respondents own their company 85% of respondents are subcontractors Who participated
  7. 7. 43% of respondents are ages 50-59 51% of respondents’ companies make less than $10M per year Who participated
  8. 8. 59% of respondents’ companies have less than 50 employees Who participated
  9. 9. OUTLOOK AND TRENDS
  10. 10. 78% of contractors said they think the industry’s outlook is better than last year
  11. 11. 78% of contractors said they think the industry’s outlook is better than last year Only 50% of contractors said the same in 2016
  12. 12. 93% of contractors said they are more optimistic for their company’s outlook than last year
  13. 13. 93% of contractors said they are more optimistic for their company’s outlook than last year Only 85% of contractors said the same in 2016
  14. 14. Finding and retaining good employees 62% Finding new business 42% The economy 36% TOPCONCERNSFOR2017
  15. 15. HUMAN RESOURCES
  16. 16. The #1 reason employees leave their company is because they can get more money elsewhere
  17. 17. 62% of contractors say they offer technical or trade training to their employees
  18. 18. 62% of contractors say they offer technical or trade training to their employees This is an 8% increase from 2016
  19. 19. Over half of contractors rank their company’s current leadership development program as “alright”
  20. 20. The majority of contractors find new employees through word of mouth
  21. 21. But 90% of Americans who looked for a job between 2013 and 2015 used the internet1 1 PEW Research Center | http://pewrsr.ch/1NFAWUO
  22. 22. Nearly 3 out of 10 of contractors aren’t giving feedback to employees on a regular basis
  23. 23. TECHNOLOGY
  24. 24. 27% of contractors say their #1 technology concern is automated integrations between software tools
  25. 25. 80% of contractors say they use mobile technology to access electronic timesheets, communication between jobs, etc.
  26. 26. 20% of contractors were hacked in the past year
  27. 27. If you’re part of the 80% who said you haven’t been hacked… How can you be sure?
  28. 28. EXIT PLANNING
  29. 29. 60% of construction company owners say they do not have an exit plan
  30. 30. Less than half of construction company owners say they’ve identified a successor
  31. 31. 19% of construction company owners say they have no idea how much their business is worth
  32. 32. MARKETING
  33. 33. 86% of contractors say they believe a company’s website is an important part of attracting new customers
  34. 34. Only 50% of construction companies use Facebook, compared to 79% of all online adults
  35. 35. 43% of contractors say online reviews do not impact whether prospective customers do business with that company
  36. 36. 86% of contractors say face to face networking results in the best results for them
  37. 37. Less than 10% of contractors say their company’s current online marketing efforts are “great”
  38. 38. Increase your company’s pricing to keep up with rising costs and competition in the labor market Analyze key employees and proactively make any necessary adjustments to market RECOMMENDATIONS
  39. 39. Develop leadership program for rising stars Invest in employee morale programs that keep good people engaged and willing to stay loyal to your business RECOMMENDATIONS
  40. 40. Give feedback to employees after every completed job or project Begin or continue to offer technical and/or soft skill training to employees RECOMMENDATIONS
  41. 41. Engage the services of IT specialists who can assess your system and put in safeguards to protect your company’s data Have an exit plan and know the value of your business RECOMMENDATIONS
  42. 42. RECOMMENDATIONS Keep your website up-to- date Utilize social media and interact with online reviews
  43. 43. CONTACTME SBall@gma-cpa.com 410.685.5512 www.gma-cpa.com FOLLOW US
  44. 44. Download your free copy of the executive summary to get an overview of the survey results Get your copy now

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