Although the Covid-19 pandemic has severely impacted the U.S. economy (and the construction industry), some forward-looking developers are moving ahead with major multi-year projects. It's comforting to think that things will eventually be back to normal. Looking at some of the following projects reminds us that there is light at the end of the tunnel and things will return to normal in the not-too-distant future...
Happy Fall! I hope this message finds you well. As we enter the last quarter of this challenging year, there is some positive news in the construction industry. Recent reports show the U.S. construction industry bouncing back faster than most other sectors of the economy. For example, there have been solid gains in new construction starts, hiring, and project backlog (source: ConstructionDrive.com). In addition, a 2nd Quarter report by Marcum LLP indicates that the U.S. construction industry unemployment rate dropped down to 8.9%, a big improvement compared to the bleak situation back in the late Spring.
As we cautiously return to more normal conditions (at work and at home), Beacon's growing team continues to work hard on a diverse range of construction consulting projects for our clients. In this month's E-News we profile Elizabeth Paquet, one of our Construction Consultants working out of Beacons' New York office. Elizabeth has been working hard for our clients on a number of different high-profile Surety Consulting assignments over the past year. With more than two decades of industry experience, she is a great addition to our team. In other exciting news, Beacon has established a physical presence in Florida, as well as a European presence based in Ireland....
Elizabeth Paquet joined Beacon Consulting Group's team in 2019. With more than 20 years of construction industry experience and a Master’s Degree in Construction Management from Steven's Institute of Technology, Elizabeth’s background and deep industry knowledge have made her an invaluable member of Beacon's Construction Consulting team.
Elizabeth's experience in the construction industry goes back to her early teen years when she started working part time at her father's firm M.J. Paquet, Inc., a construction company specializing in complex heavy transportation projects for the public and private sector. During her high school and college years, Elizabeth started working full time during school breaks as an administrative assistant and intern at the company where she played an active role helping to support and manage large highway / infrastructure projects...
Beacon Consulting Group was hired by a leading Surety to consult on a bond default matter related to "The Shed," a recently built, $500-million visual arts and performing arts exhibition center in New York City's Hudson Yards. The 170,000-sf facility (also knowns as The Bloomberg Building) opened just over one year ago and is the cultural centerpiece of Hudson Yards, a $25-billion-dollar development project in Manhattan, which includes massive office and residential buildings, retailers, restaurants, bars, as well as other entertainment and outdoor spaces. Ideally located at the northern end of NYC's popular elevated park / walkway, The High Line, Hudson Yards has quickly become one of New York's most popular attractions for tourists and locals...
Beacon Consulting Group has been providing independent construction loan monitoring services for a new office building construction project underway in the Chelsea neighborhood of Manhattan. In recent weeks, the project reached a significant milestone as the 12-story building's superstructure was topped out. New York City-based GDS Development is building the Class A tower in partnership with Klövern AB, one of Sweden's largest real estate companies. The project is located at the northwest corner of 7th Ave. and 28th Street, just south of Penn Station and a short distance east from the High Line and Hudson Yards...
I hope your summer is going well. We are keeping busy here at Beacon, assisting our clients on a wide range of projects, including consulting on a number of construction projects delayed by Covid-19 and finding ways to help get them back on schedule asap. The construction industry is adjusting to the "new normal," which includes dealing with many postponed / delayed projects, managing construction sites differently to protect workers, and, for some GCs and Subcontractors, finding ways to survive through a period of economic uncertainty. In this month's E-News, we highlight some of the consulting services Beacon provides which help sureties, insurers, and construction companies during this challenging period. In particular, we have been very active in recent months working on Subcontractor Default Insurance (SDI) consulting assignments.
Kieran O’Connor is a key member of Beacon's management and construction consulting team. He has extensive experience providing Surety Consulting & Construction Project Management on projects across the U.S. Kieran is a tenacious, detail-oriented professional who serves Beacon’s clients with a very high level of professionalism and proficiency across a wide range of consulting areas. Since joining Beacon in 2011, Kieran has taken a lead role on numerous construction consulting assignments.
Subcontractor Default Insurance (SDI) is an insurance product which can be very useful for construction companies seeking to reduce their risk related to subcontractors who might default on a project. SDI protects general contractors (GCs) with insurance coverage for direct and certain indirect costs in the case of a subcontractor default. Beacon provides a wide range of services to insurance companies to mitigate their risk both in underwriting an account or adjusting a claim related to Subcontractor Default Insurance.
Beacon Consulting Group has extensive experience undertaking construction defects assessments for insurance companies and sureties. One example of our experience in this area is a project we did for an insurance client which entailed claims review, construction defects assessment, and other construction consulting services related to structural issues found at a student housing / apartment complex located in Charlotte, NC. The associated project consisted of the construction of five new buildings containing a total of 189 apartments. These apartments are used primarily for student housing. During a large party in one of the units, the ceiling began to sag. As a result, it was discovered there were deficiencies in the wooden structural trusses.
In early June, Beacon Consulting Group joined with other members of the Philadelphia Surety Claims Association (PSCA) to contribute $10,000 to Philabundance, a charity committed to fighting hunger in the greater Philadelphia area. The PSCA donation will help to provide 20,000 meals to those in need in the Philadelphia area. Founded in 1984, Philabundance is a proud member of Feeding America, a nationwide network of food banks leading the fight against hunger in the United States.
