What to know about Distressed Construction Projects in 2023 – When they happen, Why they happen, and How to avoid a Distressed or Suspended Construction Project
Developers, lenders and investors want to learn from construction experts who consider distressed construction their everyday. Coming from over 25 years of working with sureties, VERTEX has assessed thousands of distressed construction matters and has worked through distressed construction projects of all sizes across the globe. Learn from the experience of a construction team that routinely performs critical construction assessments, develops project management plans, and performs funds control, reletting, and a myriad of other roles on distressed construction, including oversight as the owner’s representative, project closeout, and completion contractor.
This three-part webinar is a perfect learning opportunity for developers, lenders, investors or anyone who is a stakeholder in a construction/development project in 2023. VERTEX’s experts will cover the state of the US economy and US construction industry, common construction challenges in recessionary cycles (and some unique challenges being seen in early 2023), and best practices to avoid or curb distressed construction or suspended construction impacts.
1. State of the State, Trouble Signs Ahead and Common Challenges
Date: Thursday, March 09, 2023
Time: 12:00 PM Eastern Standard Time
Duration: 1 hour
This webinar will cover the state of the US Economy and the state of the US Construction Industry, presented by Bill McConnell, CEO of The Vertex Companies. 2023 will continue to be a volatile time for the US economy and construction industry. Since 2022, the Fed has increased the Fed Funds Rate at a record pace. Tight labor conditions persist, private construction spending is decreasing and public construction spending is up. Bill will review economic indicators and his predictions as well as how these insights can help you as a stakeholder in construction and development.
2. How To-s of Distressed and Suspended Construction Projects
Date: Thursday, March 23, 2023
Time: 12:00 PM Eastern Daylight Time
Duration: 1 hour
What is ‘distressed construction’? Generally speaking, distressed construction is a construction project that is over budget by more than 20% or experiencing schedule delays by more than 20%. In the current economic climate, we expect an increase in distressed and suspended construction. If you are a stakeholder in construction or development projects, this webinar will give practical advice that can be implemented quickly in order to avoid construction challenges. If you are already involved in a distressed project, this webinar will provide best practices, and real world case studies aimed to help get to project closeout. 2023 is expected to bring challenging staffing issues and volatile supply chains, so the materials presented will focus on a few of these expected issues, as well as solutions for emerging issues.
3. How We Can Help, Overview of Vertex Resources
Date: Thursday, April 06, 2023
Time: 12:00 PM Eastern Daylight Time
Duration: 1 hour
In the third and final part of this webinar series, VERTEX will help those who are currently facing distressed construction. VERTEX’s experts will share typical scopes of work and solutions that get distressed construction to closeout. An extension of the previous Webinar, VERTEX’s construction experts will go further into best practices and offer a step by step guide to restarting a suspended project.
