Industry Spotlight Las Vegas: Building Backlog and the State of Construction Financials with Kevin Booth [Video]
Construction, as we all know, is hyper-local. For our Industry Spotlight series, we’ll focus on cities in the U.S. with influential construction sectors, as well as what experts in those key areas are saying about their market and the industry at large. This time, Pam Hummel, Head of Industry at Briq, is joined by Kevin Booth, CFO of Westcor Companies and National Chairman of CFMA.
These two veteran CFMA members, and longtime friends chat about construction in Las Vegas and surrounding regions, building backlog, the importance of having a strategic plan, and a whole lot more. (Don’t worry, we’ve summarized the interview with timestamps, so you can easily find what interests you the most). Go ahead, dig in!
Get to the point with these topic time stamps:
- The Las Vegas Construction Market Overview (~1:00)
This Industry Spotlight begins with an overview of the construction market in Las Vegas over the course of the past year. Kevin Booth talks about the current “tale of two segments” in construction, and why some businesses, like Westcor, are pivoting between commercial building and residential building.
- Labor Shortage (~4:00)
The conversation takes Pam and Kevin toward the topic of labor shortages, how that's affecting Las Vegas and surrounding markets, and how WestCor Companies is securing labor.
- New Safety Protocols (~5:45)
Pam inquires about how contractors are adhering to new safety protocols that they’ve never had to consider before. Our panel goes over risk/safety concerns for the industry as a whole, and Kevin encourages construction professionals to take the pledge and become part of the Construction Industry Alliance for Suicide Prevention (or CIASP).
- Building Backlog (~8:45)
The conversation shifts to the unexpected burden of sourcing new work. Kevin reflects on lessons learned in the 2008 recession, including why contractors shouldn't bid on cheap work just to keep up their backlog.
- How Construction Financial Managers are Doing on a National Scale (~10:45)
Kevin and Pam discuss Paycheck Protection Program loans, new safety protocols, sick pay, and other issues that are brand new for construction financial managers across the country. They also go over resources (like AGC and CFMA) that contractors and specialty contractors can use to ensure they don’t fall behind their peers.
- Contract Changes and Force Majeure (~14:20)
Our experts discuss changes in contracts, like schedule and force majeure, as well as cancellation and delays of projects.
- 2021 Outlook and Beyond (~16:10)
Booth and Hummel outline the importance of having a strategic plan going into 2021, building “what-if” models, and the probable postponement of industry events and conventions into 2022.
- Words of Wisdom from the Chairman (~20:00)
The wise words in question: “Stick to your plan, and if you don’t have one GET ONE.” Our dynamic duo discusses ways construction companies can stay afloat during trying times, including how WestCor Companies relies heavily on Briq data analytics to ensure costs are under control and labor is monitored on a continued basis.
The Briq team would like to thank Kevin Booth for chatting with us, and Westcor Companies for their ongoing partnership. Come back for the next Industry Spotlight, where we’ll bring more construction education and thought leadership from a new industry expert.
Briq is the first data analytics platform built specifically for construction. We help contractors use their data to drive better outcomes for all phases of construction. Using modern technology such as automation, machine learning, and predictive analytics, Briq helps to stop fee erosion, freeze overhead costs and provide better financial outcomes for your business. Contact us to see what Briq can do for you.