NOVEMBER 2022CONSTRUCTIONBUSINESSREVIEW.COM6Successful construction projects, especially on a large scale, require meticulous planning, professional supervision, and significant investments to complete. Especially in the risky and uncertain construction environment, finance remains one of the most important elements in the management of construction projects. CBRE's new construction cost index estimates a 14.1-percent yearly increase in construction costs by the end of 2022. The growth is attributed primarily to an increase in labor and material prices.There are a number of factors contributing to rising costs and uncertainty across the construction industry. The most notable causes are the increasing demand for construction, inflation, pandemic-related restrictions, supply chain disruptions, and labor shortages. While concerns for the general cost inflation for materials and supply chain disruptions are expected to gradually subside, the ongoing shortage of global labor and components may continue to impact lead times and material demands for a while. In the midst of this volatility, the construction industry has set sights on adopting more modern tools, newer materials, and increasingly advanced processes to ensure sustainability in construction finance.This edition of Construction Business Review brings the spotlight on the key developments in the construction finance space and how solution providers are leveraging the latest tech solutions and market expertise to cater to the industry fluctuations and demands. In this edition, we feature thought leadership articles from Lee Sellenraad, Principal, CCM, Certified Lean Innovation at Avison Young Consulting, and Rawle Sawh, Director of Virtual Design and Construction at Gilbane Building Company. Sellenraad speaks about the use of a comprehensive virtual design and construction process to eliminate constructability pain points and deliver project certainty with potential cost savings. Sawh talks about achieving project management success by implementing proven processes that unify integrated and collaborative stakeholders around the project.The highlight of this publication is Global Financial & Leasing Services, a leading provider in equipment financing that meets the equipment financing needs of small to mid-sized businesses all over the U.S. by utilizing their internal GFRS Funds, bank lines, and non-bank providers.In this edition featuring the top construction finance solution providers, we hope you find the appropriate company to facilitate your finance needs.Let us know your thoughts!Adapting to Cost Uncertainty and ShortagesEDITORIALCopyright © 2022 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.Editorial StaffDavid VincentFred SmithKevin DavisFredrick GallowayJames FerrerRose D. WilsonManaging EditorRobert MathewsDisclaimer: *Some of the Insights are based on our interviews with CIOs and CXOsRobert MathewsManaging Editoreditor@constructionbusinessreview.comNovember - 30 - 2022, Vol 02 Issue 18Published by ValleyMedia, Inc.To subscribe to Construction Business ReviewVisit www.constructionbusinessreview.com Email:sales@constructionbusinessreview.comeditor@constructionbusinessreview.commarketing@constructionbusinessreview.com VisualizersChris LynnMichael Wayne
< Page 5 | Page 7 >