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Construction
Home Industry Archive by Category "Construction"

Category: Construction

June 21, 2024
ConstructionEnergyIndustryInSight IQ

InSight Minute: Can You Meet the Prevailing Wage Requirements for your Project?

There are a many new federal programs that provide funding or economic incentives like tax credits, grants and loans to organizations in many different industries that are vital to our economy and infrastructure.

A key requirement that must be met for many of these programs is to ensure that workers on the projects are receiving a prevailing wage. Since this is a new concept for a lot of these industries, representatives are seeking to better understand the requirements and concept of prevailing wage.

According to the U.S Department of Labor, prevailing wage is defined as the average wage paid to similarly employed workers in a specific occupation in the geographic area of intended employment.  While this may be a new concept for you, it doesn’t have to be difficult to address and there are tools that can help you manage this easily and effectively.

In this month’s InSight Minute we’re going to discuss some of the many different types of programs that may be receiving this increased investment, and how to more easily manage prevailing wage, and other workforce requirements like tracking of apprentices.

As you review the various programs that may affect you, know that no matter which industry you may be in, you can reach out to SkillSmart.

The InSight IQ platform can be easily implemented to allow you to track prevailing wage requirements for your vendors and subcontractors, as well as on work that is undertaken by your employees.

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Following are some of the programs and industries that may require tracking of prevailing wage and apprentices.

The CHIPS and Science Act invests $280 billion to bolster US semiconductor capacity, catalyze R&D, and create regional high-tech hubs and a bigger, more inclusive STEM workforce. In an effort to increase the amount of semi-conductors manufactured in the US to support these activites, the federal government made a significant investment in the form of grants, loans, and loan guarantees support various organizations in this important sector.  Following are some of the impacted industries.

  • Semiconductor manufacturing – Includes subsidies for building new fabrication plants and expanding domestic production capacity.
  • Telecommunications – Funding to support 5G deployment and bolster supply chains.
  • Automotive – Investments in electrification and autonomous vehicles which rely on advanced semiconductors.
  • Defense – Research grants for developing specialized chips to meet national security needs.
  • Technology – Broad support for advancing semiconductor-enabled technologies like AI and quantum computing.

The Broadband Equity, Access, and Deployment (BEAD) Program, provides $42.45 billion to expand high-speed internet access by funding planning, infrastructure deployment and adoption programs throughout the U.S.

The Bipartisan Infrastructure Law supports a number of policies and programs that generally include eight broad areas—clean energy projects and infrastructure; manufacturing and industrial transformation; water; buildings and schools; fairness for workers and communities; community resilience; transportation; and methane and natural gas distribution.

It includes $550 billion in new federal infrastructure funding over five years to repair, rebuild, and modernize America’s bridges, transit systems, water infrastructure, and more. While more than half of the bill’s funding is for transportation infrastructure—including surface transportation, airports, zero-emissions school buses, electric vehicle (EV) charging, ports, public transit, railways, and more—it also provides significant funding for broadband, the power grid, water infrastructure, resilience, and legacy pollution.

The Inflation Reduction Act (IRA) is an approximately $740 billion package, with nearly $400 billion earmarked for energy and climate projects, and makes several clean energy tax incentives available to organizations that satisfy certain prevailing wage and apprenticeship requirements.

There is a provision that indicated projects had to “begin construction” by January 28, 2023 in order to be exempted from the prevailing wage and apprenticeship requirements, as determined under the existing begin-construction principles. So, most projects for organizations in the following areas that may be eligible for these tax incentives must likely meet the prevailing wage and apprentice requirements.

  • Clean Energy;
  • Clean Technology Manufacturing;
  • Industrial Transformation;
  • EV Deployment, Manufacturing, and Supply Chain;
  • Transmission;
  • Buildings;
  • Energy Transition for Workers and Communities; and
  • Resilient and Healthy Communities.

In general, an organization that meets the prevailing wage and apprenticeship requirements will multiply the base amount of the tax incentive (credit or deduction) by five. Increased credit and deduction amounts are available for taxpayers satisfying prevailing wage and apprenticeship requirements under the following sections of the Internal Revenue Code (Code):

  • Section 30C alternative fuel vehicle refueling property credit
  • Section 45 renewable electricity production credit
  • Section 45Q credit for carbon oxide sequestration
  • Section 45V credit for production of clean hydrogen
  • Section 45Y clean electricity production credit
  • Section 45Z clean fuel production credit
  • Section 48 energy credit
  • Section 48C qualifying advanced energy project credit
  • Section 48E clean electricity investment credit
  • Section 179D energy efficient commercial buildings deduction

Increased credit amounts are available for taxpayers satisfying prevailing wage requirements under:

  • Section 45L new energy efficient home credit (apprenticeship requirements do not apply)
  • Section 45U zero-emission nuclear power production credit (apprenticeship requirements do not apply)

SkillSmart’s InSight IQ technology becomes your ally in addressing prevailing wage requirements in any and all of these programs – streamlining data collection, monitoring, and reporting. Ensure your projects not only benefit the environment but also meet compliance standards effortlessly.

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December 14, 2023
ConstructionIndustryInSight IQ

Simplifying CRIO Construction Reporting: SkillSmart InSight Technology for Detroit and Wayne County, MI General Contractors

In the fast-paced world of construction, efficient reporting is crucial for general contractors to navigate regulatory landscapes and ensure project success. SkillSmart InSight technology emerges as a game-changer, offering a streamlined solution for general contractors working in Detroit and Wayne County MI, and seeking to demonstrate community commitment and submit Civil Rights, Inclusion and Opportunity (CRIO) reports with ease and accuracy.

Understanding CRIO Reporting:

CRIO reporting is a mandatory requirement for many general contractors in Detroit. These reports play a vital role in maintaining transparency, tracking workforce development, and fostering community engagement. Compiling the necessary data for CRIO reporting can be a time-consuming and complex task, but SkillSmart InSight technology simplifies this process.

Key Features of SkillSmart InSight:

  1. Automated Data Collection: SkillSmart InSight automates the collection of essential workforce data, reducing the manual effort required for CRIO reporting. From tracking Detroiters to eligible STEP workers to your Workforce Contribution, the technology streamlines the data-gathering process.
  2. Real-time Analytics: With real-time analytics, general contractors can access up-to-the-minute insights into their workforce. This not only ensures the accuracy of CRIO reports but also enables proactive decision-making based on current workforce trends.
  3. Compliance Monitoring and Report Generation: SkillSmart InSight comes equipped with compliance monitoring features, helping general contractors stay on top of their CRIO reports and all necessary documentation for monthly or quarterly reporting. InSight will also generate the necessary reports for reporting directly to CRIO, as well as the fee letters needed for each subcontractor.
  4. User-Friendly Interface: The user-friendly interface of SkillSmart InSight makes it accessible for contractors of all sizes. Its intuitive design allows users to navigate through the platform seamlessly, even if they are not tech-savvy.

Benefits for Detroit General Contractors:

  1. Time and Cost Savings: By automating the data collection and report generation process, SkillSmart InSight saves general contractors in Detroit both time and resources. InSight allows you to generate subcontractor fee letters directly from the database. This efficiency translates into cost savings and allows contractors to focus on core aspects of project management.
  2. Enhanced Accuracy: The technology’s automated processes significantly reduce the chances of human error in data entry, ensuring that CRIO reports submitted by general contractors are accurate and compliant with Detroit’s regulations. Subcontractors use SkillSmart’s WH-347 generator to complete this required form quickly & accurately for CRIO. Administrators can also download these forms with a single click into a zip file to submit.
  3. Improved Community Relations: SkillSmart InSight’s emphasis on workforce development and community engagement fosters positive relations between contractors and the local community. This can have long-term benefits for project approvals and community support.

SkillSmart InSight stands as the pinnacle solution for general contractors working in Detroit, offering unparalleled efficiency in the CRIO reporting process. Our technology sets the standard by automating data collection and reporting, ensuring accuracy, and providing real-time analytics. As the construction industry evolves, SkillSmart InSight not only meets but exceeds the demands of Detroit’s regulatory landscape, making it the optimal choice for contractors seeking a cutting-edge tool to streamline reporting and data collection with confidence and ease. Choose SkillSmart InSight and elevate your construction reporting experience to new heights.

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