Much like nature as it springs back to life after a dormant winter, New York City could be poised for a major construction boom following a serious downturn during the height of the pandemic.
With the potential to usher in better pricing and profitability, Crain’s New York Business took a deeper look at the opportunities and challenges construction firms will face in the months ahead with valuable insights from David McKelvey, Tax Partner-in-Charge of Friedman’s Long Island Office, and Phillip Bottari, partner.
So, what should be top of mind for construction companies in 2022?
“2020 and 2021 employee retention credits can lead to a significant refund opportunity," McKelvey said. “Contractors may be missing out on other tax credits and often don’t realize they can qualify for research and development, fuel and employment tax credits, to name a few.”
Beyond taking advantage of the right tax considerations, construction clients are also putting a major focus on ways to cut costs.
“The use of technology innovations and the ability to outsource certain functions are the leading ways many contractors are managing costs,” Bottari said.
Read their full interview with Crain’s here.