On February 7, 2023, The Bonadio Group hosted its annual NYS Construction & Real Estate Industry Conference in Rochester, donating all of the event registration fees to Christopher Community, Inc. The insights conferred at these sessions are invaluable for owners, CEOs, CFOs, COOs, and others with leadership responsibilities, as well as those charged with driving innovation and value in building and operations within the construction and real estate industries.
This year, we welcomed 112 attendees who heard from experts on the overall industry outlook and trends for the year ahead. This discussion was based in part on The Bonadio Group’s 2023 Compensation & Benefits Study of New York construction companies and contractors, which revealed:
- Since the start of the COVID-19 pandemic, our economy has suffered from a shortage of workers. This shortage has significantly impacted the construction industry in particular. The backlog of projects continues to remain consistent and construction firms require the availability of qualified workers to complete these projects in a timely manner. Unfortunately, these qualified workers are currently in short supply.
- The current lack of skilled labor, coupled with recent rising interest rates and volatility in materials and supplies costs have caused expanded project lead-times.
- Despite this, the overall outlook for the construction industry remains positive. Our survey identifies general compensation and benefits trends that construction firms are currently utilizing to attract and retain workers in this highly competitive labor environment.
To download the complete survey findings, click here.
The event’s keynote speaker, Michael J. Elmendorf II, President & CEO, Associated General Contractors of New York State, focused his presentation on 2023 Economic and Political Outlook for the Construction & Real Estate Industry; including regulatory and legislative updates, insights on how we got here, and where we’re heading.
One of the breakout sessions, offered some tax “rules of the road” for Construction and Real Estate entities. Our experts, Joseph Wutz, CPA and Principal, and Wendy Riccelli, CPA, CVA and Partner, shared various insights including tax updates and incentives.
The other of the two breakout sessions explored protecting your organization from fraud and cybersecurity risks. Attendees heard from Timothy Ball, CFA, Executive Vice President and Leader of Bonadio Strategic Advisory, and Charlie Wood, CISA, CRISC, PCI QSA, CISM, (retired) CCSFP, and Practice Lead of FoxPointe Solutions, on the prevalent fraud and cybersecurity risks, their devastating effects on earnings and reputation and how to protect and safeguard your organization.
Thank you to our sponsors; Harris Beach PLLC, Gallagher, Admar Construction Equipment & Supplies, M&T Bank, Tracey Road Equipment, Inc., MS Consultants, and High Probability Advisors.
For more information about The Bonadio Group’s construction and real estate practices, please visit our Construction and Real Estate pages. Feel free to contact Michael Smith directly at msmith@bonadio.com with any questions. And don’t forget to subscribe to email updates to receive the latest information on tax and accounting regulations and industry-specific information; from construction to non-profit, and everything in between.