The Road Ahead: What Sureties Need to Know to Work with Contractors in 2021

Recorded On: 01/21/2021

The mayhem created due to the COVID-19 pandemic will spill over into 2021. Even with the passage of the Consolidated Appropriations Act (CAA), 2021, some sectors of the construction industry will thrive while others will not. We are going to explore what markets will expand and contract so surety agents can better understand and assist their clients. Backlog, overhead, labor, and material costs will all have a significant impact on a contractor’s productivity and profitability.

Bonding capacity in markets where jobs are delayed due to government regulations and Personal Protection Equipment (PPE) requirements will also be addressed. Participants will walk away with a clear understanding of the challenges contractors face in the era of COVID-19 and how sureties can deal with the instability caused by the pandemic.

Martin C. McCarthy, CPA, CCIFP

Office Managing Partner

Marcum

Marty McCarthy is the office managing partner of Marcum’s Blue Bell, PA, and Tinton Falls, NJ offices and serves as the Firm’s Mid-Atlantic Construction practice leader. With more than three decades of experience working with construction companies, his collaborative and solution-focused approach, technical proficiency, and deep industry knowledge have made him a trusted advisor to contractors looking to operate more efficiently and optimize growth.

Before merging his practice into Marcum in 2023, Mr. McCarthy was the managing partner of McCarthy & Company, PC. Under his leadership, McCarthy & Company was named one of The Top 50 Construction Accounting Firms™ by Construction Executive for four consecutive years (2019-2022) and recognized by Accounting Today as a 2023 Mid-Atlantic Regional Leader and one of the “Best Accounting Firms to Work For” (2019-2022). City & State Pennsylvania named Mr. McCarthy to its 2023 Construction Power 100 List. He was the only accountant to earn the distinction.

See your success with Old Republic Surety. Success can come from a ferocious appetite to win. Strength helps too. Choose a surety partner with the character to win. We write bid bonds, performance & payment bonds and maintenance bonds in all 50 states. Responsive, Reliable, Respected - Old Republic Surety.