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Construction

Construction Tech Leaders Launch Network for Builders with Industry Experience

2024-12-11

Leaders from eight prominent construction technology companies came together on December 11th to introduce "Built by Builders." This support group is dedicated to the burgeoning tech sector and aims to enhance user confidence in adopting next-generation tools and processes. The initiative is spearheaded by experts with extensive industry project management experience, who are committed to driving innovation and efficiency.

Empowering the Construction Sector with Tech Expertise

ConCntric's Role and Vision

Steve Dell’Orto, the founder and CEO of ConCntric, a preconstruction management and collaboration platform, emphasizes the importance of the group. "Our goal is to establish a platform where industry innovators can mutually support each other, collaborate on revolutionary ideas, and uplift the construction sector as a whole," he states. With 26 years of experience in the construction industry and a former regional executive officer at Clark Construction, Dell’Orto brings valuable insights. He further adds that "Built by Builders" focuses on construction industry technology development based on "real-world experience and a profound understanding of what builders truly require."

Other Founding Members and Their Platforms

Other founding members of "Built by Builders" include the founders and CEOs of Document Crunch, a contract and document compliance platform; Clearstory, a change order management platform; Togal.AI, an artificial intelligence-based estimation platform; ProjectMark, a construction customer relationship management platform; SALUS, a safety management software; Kaster, a trade subcontractor management platform; and PLOT, a worksite procurement and delivery tool. Each of these platforms plays a crucial role in different aspects of the construction process.

Group's Expansion Plans

Dell’Orto mentioned that the group anticipates adding more construction technology firm leaders as members in the coming months. This expansion is driven by the conversations he had with customers, who recognized the value of having someone with hands-on construction industry experience. "Building that experience into a usable tool made a significant difference. It's truly about elevating the industry," he said.

Upcoming Initiatives

The group is actively planning to launch a dedicated website and the first in a series of webinars, which have already been announced on ConCntric's website. These initiatives will further enhance the group's reach and impact, providing a platform for industry professionals to connect, learn, and grow.

According to the latest numbers from the Association of Equipment Manufacturers (AEM), there has been a significant drop in U.S. sales of tractors across all classes in November 2024. This decline follows a pattern of softness in the market that has been observed in the last few months. High interest rates and uncertainty in the overall ag economy are believed to be the main factors behind this slowdown.

Uncover the Reasons Behind the Plunge in Agricultural Equipment Sales

Tractor Sales

In November 2024, total farm tractor sales reached 11,003, a decrease of 14.5% compared to 12,876 sold in November 2023. Year-to-date, the figure stands at 200,138, down 13.4% from 231,089 last year. The inventory of total farm tractors began at 118,873 in November.

Breaking down tractor sales by horsepower range reveals interesting trends. For 2WD sub-40-hp tractors, sales in November 2024 were down 10.4%, with 7,040 sold this year compared to 7,860 last year. Year-to-date, 125,567 tractors have been sold in this category, a 14.5% decrease from 146,816 at the same time last year. The inventory of 2WD sub-40-hp tractors began at 74,106 in November.

Sales for 2WD 40- to 100-hp tractors in November were down 13.6%, with 3,009 sales this year and 3,484 last year. Year-to-date, 49,796 tractors have been sold in this category, a 10% decrease from 55,346 last year. The inventory of 2WD 40- to 100-hp tractors began at 33,659 in November.

For 2WD 100-plus-hp tractors, sales in November were down 37%, with 787 sales this year compared to 1,250 last year. Year-to-date, 20,774 tractors have been sold in this category, a 16.4% decrease from 24,859 last year. The inventory of 2WD 100-plus-hp tractors began at 10,377 in November.

Sales for 4WD tractors were down 40.8% in November, with 167 sales this year and 282 last year. Year to date, 4,001 tractors have been sold in this category, a 1.6% decrease from 4,068 last year. The inventory of 4WD tractors began at 731 in November.

Combine Sales

In November, sales for self-propelled combines were down 46.7%, with 145 sales this year compared to 272 last year. Year-to-date, 5,120 combines have been sold as of November, a 24.1% decrease from 6,746 at the same time last year. The inventory of self-propelled combines began at 1,070 in November.

Bitcoin, the digital currency that has been making waves in the financial world, reached a significant milestone on Wednesday. The price of bitcoin rallied above $100,000, returning the cryptocurrency over the six-figure threshold and extending a post-election surge. This comes after the latest U.S. inflation report fell in line with analyst expectations.

Unlock the Potential of Bitcoin's Post-Election Rally

Bitcoin's Rapid Ascent

Bitcoin increased by nearly 6% to over $101,300 as of around 3:15 p.m. EST on Wednesday. This follows a two-day selloff that dropped the crypto as low as $94,304. The cryptocurrency had previously eclipsed the $100,000 milestone for the first time late on Dec. 4 and briefly hit an intraday record of $103,844.05. This rapid movement showcases the volatility and potential of bitcoin in the market.Bitcoin's journey to reach $100,000 was not an easy one. It took several weeks and significant price movements. Between Nov. 4, the day before the election, and Dec. 4, the price of bitcoin increased by 52.8%. During this period, bitcoin crossed the $90,000 threshold just three days after surpassing $80,000 for the first time. This shows the consistent upward trend and the ability of bitcoin to break through significant price levels.

The Impact of Inflation Report

The return to six figures in bitcoin's price follows the latest report from the Bureau of Labor Statistics. The report indicated that inflation rose 2.7% in November, while core inflation—a measurement excluding the cost of food and energy—remained unchanged from October’s annual rate increase of 3.3%, aligning with estimates from analysts. This news had a significant impact on the market, as it led to increased optimism and a surge in bitcoin's price.Lower inflation rates often lead to lower interest rates, which can improve liquidity for assets like cryptocurrency. This is one of the reasons why bitcoin's price tends to surge when there is optimism surrounding lowered rates. The approval of spot bitcoin exchange-traded funds in January also contributed to the initial surge in bitcoin's price before the presidential election. President-elect Donald Trump, an earlier critic of cryptocurrencies, has since campaigned on making the U.S. the “crypto capital of the planet.” He has announced support for bitcoin mining and previously sold a line of Trump-branded NFTs. As of Sept. 30, about $3 million of his $6 billion fortune has been invested in cryptocurrency. In the weeks since winning the election, Trump tapped Paul Atkins to lead the SEC, citing Atkins’ pro-crypto views. Gary Gensler, the current SEC lead who had undertaken enforcement actions against several crypto firms, announced he would step down from the role in January.

The Future of Bitcoin

The rally of bitcoin above $100,000 raises questions about the future of the cryptocurrency. Will it continue to rise? What impact will it have on the global financial system? These are questions that investors and analysts are closely watching. Bitcoin's volatility and potential for significant price movements make it a fascinating asset to follow. It will be interesting to see how it continues to evolve in the coming months and years.In conclusion, the rally of bitcoin above $100,000 is a significant event in the world of cryptocurrency. It shows the power and potential of this digital asset and the impact that external factors like inflation reports and political decisions can have on its price. As bitcoin continues to gain popularity and acceptance, it will be important to closely monitor its movements and understand the factors that drive its price.