MEREDA’s Morning Menu – Unhoused Population and Impacts on Commercial Real Estate in Bangor

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Factors Affecting the Value of a Company

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MEREDA Leaps into 2024 with an Updated Forecast Conference

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Listen Up! The February 2024 Episode of the “MEREDA Matters” Podcast is Now Available!

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OSHA Recordkeeping Requirements

OSHA Injury and Illness Recordkeeping and Reporting – Post Form 300A by February 1

Brought to you by the Safety & Risk Consulting Team at Clark Insurance & Marsh McLennan Agency

Many employers having more than 10 employees are required to keep a record of work-related injuries and illnesses, (OSHA Logs). All establishments subject to this requirement must complete and post the OSHA Annual Summary Form 300A, even if no work-related injuries or illnesses occurred during the calendar year.

Are you partially exempt from the recordkeeping and reporting requirements?

Employers in certain low risk industries are exempt from these requirements unless OSHA, the BLS, or the Division of Occupational Safety and Health asks them to do so. Follow these steps to determine if you qualify for the partial exemption:

Determine your NAICS, and identify the first 4 numbers.
Review the Exception Table – If your first 4 numbers appear on the table, your company is exempt unless otherwise required.

Posting Requirement – By February 1 of each year you must:

• Review the 300 Log to verify the entries are complete and accurate.
• Complete the Summary Form 300A utilizing the information recorded on the 300 Log.
• A company executive must certify and date the 300A Summary Form.
• Post the Annual Summary from February 1 to April 30 of the year following the year covered.
o You must post a copy in each establishment in a conspicuous place or places where notices to employees are customarily posted.
o You must ensure the posted 300A is not altered, defaced, or covered by other material.

Electronic Submission Requirements (if applicable):

The electronic filing requirement applies to the below listed establishments:

• Establishments with 20 to 249 employees in specific industries with higher instances of injuries or illnesses must submit the information from the Form 300A electronically. Review a Full List of these industries.
• Establishments with 250 or more employees required to keep OSHA injury and illness records must submit the information from the Form 300A electronically.
• Upon notification, you must electronically submit the requested information from your OSHA injury and illness records to OSHA or OSHA’s designee.

Note: Employers can find instructions for registering and recording the 300A data on OSHA’s ITA webpage. Establishments have to submit the required information by March 2 of the year after the calendar year covered.

***NEW Additional Requirements for Employers with over 100 Employees

On July 17, 2023, OSHA announced a final rule that will require certain employers in designated high-hazard industries to electronically submit additional injury and illness information than what is currently requires but employers are already required to keep. This rule became effective on January 1, 2024, and applies to your 2023 submission.

The final rule includes the following submission requirements:

• Establishments with 100 or more employees in certain high-hazard industries must electronically submit information from their Form 300, Log of Work-Related Injuries and Illnesses, and Form 301, Injury and Illness Incident Report, to OSHA once a year. These submissions are in addition to the submission of Form 300A, Summary of Work-Related Injuries and Illnesses; and
• Establishments are required to include their legal company name when making electronic submissions to OSHA from their injury and illness records to improve data quality.

The final rule retains the current requirements for electronic submission of Form 300A information from establishments with 20-249 employees in certain high-hazard industries and establishments with 250 or more employees in industries that must routinely keep OSHA injury and illness records.

Resources

OSHA Recordkeeping – Overview | Occupational Safety and Health Administration
Cal/OSHA – Brief Guide to Recordkeeping Requirements
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*If you have 10 employees or less, you are exempt, unless requested by OSHA or the Bureau of Labor Statistics (BLS) to maintain these logs.

If you have any questions or need assistance email us at RiskControl@MarshMMA.com

Article originally published on January 9, 2024 c8974405-c063-4824-8e0a-1c5ac8462903.pdf (constantcontact.com)

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Construction Technology Trends

By David V. Jean, CPA, CCIFP, CExP |Principal, Albin Randall & Bennett

Contractors have always had to keep a close watch on technology trends to stay on the leading edge of the industry. But, historically, they have had more time for strategic planning ahead of adopting new technology. Since the pandemic, taking part in the digital transformation is a high-stakes, high-velocity endeavor. Leveraging the latest technology has become a necessary part of driving growth, increasing efficiency, boosting production, mitigating risks, and evolving with the changing needs of the industry and market. Here’s a look at some of the top technology trends in the construction industry.

Enterprise Integration
In today’s remote atmosphere, enterprise integration helps contractors access pertinent data and connect via user-friendly applications across various devices. In an era of 5G wireless connectivity, contractors can connect the office to the field. Project meetings can take place virtually to move forward without the need to gather in person.

When contractors use automated and cloud-based solutions, such as job costing, risk assessment, asset management, project management, or customer relationship management software, they can access the information they need anywhere, anytime. By automating the request for information (RFI) process, construction firms can reduce bottlenecks, paperwork, and travel while accelerating decision-making and progress.

Internet of Things (IoT)
Equipment loss and safety issues are significant liabilities in construction. Through IoT, contractors can install network-connected sensors to their equipment to perform real-time inspections and performance assessments, ensure on-site accountability, and take accurate measurements using smart devices.

These sensors may also be used in wearable safety equipment. Contractors often use drones for aerial imaging, but AI-powered image recognition can help contractors identify at-risk materials or high-risk trends in worker behavior.

Data Analytics
Data analytics is a game-changer in the construction industry. Access to data goes hand-in-hand with enterprise integration and IoT. By employing automated solutions, contractors can improve transparency significantly, which provides advantages now and in the future. For example, job costing software allows contractors to track projects in real-time to make adjustments before taking a loss. Because it compiles historical data on actual costs over time, this software also allows contractors to analyze future job profitability and make estimates with greater accuracy and less risk.

Through IoT, they can gather valuable insights on worker safety and accountability, job site and material risks, and equipment performance. Predictive analysis technology uses AI, statistics, forecasting analytics, performance management, trend analysis, and simulation modeling. In combination with IoT sensor data, this technology can help contractors with predictive maintenance.

Augmented Reality (AR)
Contractors can use AR applications for training purposes or to detect errors before breaking ground. AR applications can show machine operators fuel levels or alert them of maintenance issues in real-time. AR applications for wearable smart devices, such as smart glasses and smart helmets, allow users to superimpose safety warnings or data points (such as temperature or pressure), and assembly and repair instructions directly onto the job site.

3D-modeling applications help contractors transform plans into three-dimensional holograms. Using a smartphone or tablet, contractors can use building site monitoring applications to overlay 3D buildings in the planning process to avoid errors, unexpected costs, and rework.

Robotics
Robots are often used to perform repetitive tasks, such as bricklaying or painting. They can also help contractors complete work during labor shortages and perform work in dangerous environments to reduce injuries.

Cobots, which are AI-enabled robots designed to work alongside workers, are less costly, easier to program, and more versatile. Cobots can improve quality and consistency by applying pressure, welding, fastening, or making cuts in the exact same way across every run, which means they can improve your products and processes. According to Interact Analysis, by 2028, annual cobot revenues will reach nearly $2 billion.

Modular & Industrialized Construction
Labor shortages and the increase in cost and demand for resources have shifted the industry toward an innovative manufacturing approach. In modular construction, project components are produced offsite on a large scale and shipped to the job site for assembly. Because of its effectiveness and efficiency, modular construction is an increasingly popular option. According to MarketsandMarkets, the modular construction market will reach over $100 billion by 2025.

Industrialized construction (IC) is an expansion of modular construction movement. In IC, contractors use digital twins, which are exact replicas of physical assets, processes and systems, to support building maintenance and operations. Digital twins work as prototypes, collecting real-world information to prevent costly rework and mistakes. Contractors also use 5D Building Information Modeling (BIM) technology to create digital representations of physical buildings. These technologies limit downtown and accelerate and automate traditional design, production, and operational processes.

Contractors are also turning to IC to reduce costs associated with waste. The price of plastic products, steel mill and other metal products, and number two diesel has increased significantly, and the price of lumber is back on the rise. By using innovative materials in their IC processes, contractors can align themselves with industry trends that employ sustainable and green construction methods, use fewer resources, and result in a lower carbon footprint.

Contact ARB
ARB’s Construction Advisory Services Team is dedicated to helping contractors maximize both the financial and operational aspects of their businesses, so we stay up-to-date on construction technology trends and other issues affecting your industry. We provide industry-specialized accounting, tax, and advisory services for construction start-ups, established firms, and the contractors that own them.

I help contractors with software selection and implementation, profitability analyses, forecasts, projections, job costing, and more. Contact me today if you have any questions or would like to discuss your company’s tax, accounting, and business advisory needs.

Article originally published on March 7, 2022  Construction Technology Trends | What’s Ahead for 2022? (arbcpa.com)

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2024 Forecast Conference & Member Showcase

February 29, 2024 @ 8:00 am – 5:00 pm

Back at the Holiday Inn By the Bay!
88 Spring Street
Portland, ME

8:00 AM – 5:00 PM

MEREDA’s Forecast Conference & Member Showcase is on February 29th at the Holiday Inn By the Bay with an Exciting New Format!

MEREDA is excited to bring you its annual Forecast Conference & Member Showcase – Live and In-Person – with a new afternoon format on a new date: February 29, 2024! Held at the refreshed Holiday Inn By the Bay, the 2024 Forecast Conference’s updated afternoon format will allow for attendees to choose between various presentations from industry experts. During registration, you will be asked to select three afternoon sessions. Session capacity will be limited and will vary by the size of each breakout room. We encourage you to register early to secure your preferred session(s).

Click here to view the new format.

About the Event: Each year, MEREDA assembles some of Maine’s top real estate leaders to provide the annual Economic Overview and Outlook on Maine’s economy, along with the popular Market Overview by property type which focuses on both Commercial and Residential Forecasts. This annual conference attracts professionals from Maine’s real estate, construction, finance, architecture, legal, engineering, tourism, and economic development communities. Attendees gain valuable insights on the state of the economy and what lies ahead in the coming months for the real estate industry.

Interested in Exhibiting and/or Sponsoring?

And don’t miss MEREDA’s Twentieth Annual Member Showcase with MEREDA Members exhibiting their products and services in front of the “who’s who” in commercial real estate. For two decades, the exhibition at MEREDA’s Forecast Conference has been an integral part of our annual event, providing a unique opportunity to network with MEREDA’s members. The registration process to secure an exhibition booth is on a first-come, first-served basis.

Sponsoring a MEREDA event provides great exposure and is an excellent opportunity to showcase your company. Sponsorships provide high visibility on press releases, publications, social media mentions, the MEREDA website and signage at the event. You will receive complimentary tickets and be featured prominently in all of our promotional materials. Check out the Exhibiting and Sponsorship opportunities for this event here!

Now is the time to ensure your organization gets maximum exposure to this group of industry leaders. Reserve now to showcase your organization at the 2024 MEREDA Forecast Conference and Member Showcase!

CONTINUING EDUCATION CREDITS:
Application has been made for 4 hours by the Maine Real Estate Commission for In-Person Continuing Education Credits for Real Estate Licensees and Appraisers. Approval is pending.

Application has been made to the Maine Board of Overseers for In-Person Continuing Legal Education Credits. Approval is pending.

This course has been approved for 4 hours by AIA Maine for In-Person Continuing Education Credits for Architects.

Before you Purchase Your Tickets! 

Are you a MEREDA Cornerstone or Sustainer Level Member? Please remember that as part of your membership benefits, you are entitled to 5 and 2 (respectively) complimentary conference tickets. Please contact the MEREDA office at info@mereda.org to obtain your coupon code(s).

Register Now for Early Bird Pricing!  Prices will increase by $15 after February 22.

REFUND POLICY:  No refunds will be granted to anyone who registers but fails to attend or who cancels after February 22.

Register HERE!

This event is sponsored by TD Bank, Landry French Construction, Mainebiz, The Downs, Ready Capital, Bar Harbor Bank & Trust, Belfor Property Restoration, City of Bangor, Pierce Atwood, and Sebago Technics.

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Listen Up! The January 2024 Episode of the “MEREDA Matters” Podcast is Now Available!

A Conversation with Jeanne Hulit of Maine Community Bank and Steve deCastro of Gorham Savings Bank

Jeanne Hulit, President and CEO of Maine Community Bank, and Steve deCastro, President and CEO of Gorham Savings Bank, sit down with MEREDA Board Member Josh Soley for the thirteenth episode of MEREDA Matters – the podcast that puts you in the room with the people who are driving responsible development in Maine.

Hulit and deCastro share how the recent merger of Gorham Savings Bank and Maine Community Bank came together – an 18 month process that has resulted in a win-win for both banks. The group discusses some of the barriers to the merger process, the succession planning they have in place for bank leadership, and their focus on communication as a key strategy. Zooming in and sharing more details, Hulit and deCatstro review some of the opportunities for pricing synergies in the merger, such as how much the bank will need to spend on technology investments. The group goes on to talk about the difference between mutual savings banks and stock banks, as well as some of their predictions for the economy in 2024.

Hulit and deCastro also share a bit about their backgrounds and the paths that led both of them to the role of CEO.

https://mereda-matters.simplecast.com/

Catch up on past episodes while you’re there!

The MEREDA Matters podcast is sponsored by NBT Bank and Landry French Construction. Additional sponsors include Bangor Savings Bank, Clark Insurance, A Marsh & McLennan Agency LLC Company, and The Boulos Company. A new episode will be released each month and each will feature new voices from the real estate and development industry.

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MEREDA’s Morning Menu – Housing the Unhoused and Asylum Seekers: Understanding the Complexities of Housing and Social Services

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DevelopME Committee’s Lunch & Learn Event – Tax Preparation and its Role in the Development Process

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