Please contact Tim Linville for all press inquiries, at (216) 398-9860 or email@example.com.
Majority of Contractors Using Offsite Construction
By Kim Slowey, Construction Dive
The National Institute of Building Sciences Off-Site Construction Council announced the results of its latest survey about the use of offsite techniques in the construction industry this week. While most of those surveyed said they currently use offsite construction and will continue to do so, they also identified barriers to its wider use.
Construction Spending is Projected to Increase by More Than 11% Through 2022
By John Caulfield, Building Design + Construction
Spending for nonresidential buildings is expected to increase by 10% between 2018 and 2022, to $572.1 billion, or just under 40% of total construction put in place that year. Image: FMI
The office, education, amusement and recreation, manufacturing, and transportation sectors are expected to be the impetus behind a projected 3% increase in spending on engineering and construction in the United States, according to the recently released 2019 FMI Overview.
Treasury Issues Final “Pass-Through Deduction” Regulations
From the The U.S. Department of the Treasury
On Jan. 18, the Treasury Department issued final regulations on the “Section 199A deduction” (often called the pass-through business deduction or the qualified business income deduction). The deduction, which provided tax relief for construction firms organized as pass-through entities (as opposed to those organized as C-Corporations, whose tax rate was reduced to 21 percent), allows those businesses that qualify to deduct 20 percent of their qualified business income until the end of 2026, when the provision expires. Associated General Contractors feels confident that construction firms will have wide use of the new deduction, allowing pass-through firms to receive significant tax relief when they file their taxes later this year."