Sixty-seven percent of U.S. businesses expect to spend more on construction in the next six months, and 72 percent expect to spend more on raw and processed goods (eg, chemicals, steel, wood), according to a recent survey from American Express.1.
“This Global Business Spending Indicator survey shows that US businesses are spending more on construction, likely due to a variety of factors, including today’s inflationary environment, supply chain challenges and – positively – the ability to resume projects that were halted during the pandemic. Reflecting anticipated spending on construction, businesses are also spending more on raw materials,” said RJ Ancona, VP of B2B at American Express.
As the cost of construction remains high, now is the time for construction business owners to ensure they have the right financing solutions in their toolbox to meet this growing demand. That’s where American Express comes in.
Streamline cash flow with American Express products
Increased demand means that construction business owners are often in debt to past customers despite rising costs for raw materials. American Express offers a suite of tools and card products to meet the B2B spending needs of businesses, automate cash flow management, and offer other features. Below are a few examples of those.
- American Express One AP™2The Digital Accounts Payable (AP) automation solution is designed to work seamlessly with a business’s existing accounting system, or ERP, so you can automate payments from one platform and reduce manual processes by American Express card, check or ACH with confidence. An AP is available for providers in the US. Registration is required, and fees may apply.
- American Express offers American Express Business Checkout3Gets a high-earning API that processes different payment types, accounts up to $500,000, and includes a business debit card4.
- of American Express Business Platinum Card5 Offers a Pay Over Time option as well as 1.5X Membership Rewards® points on eligible purchases up to $2 million for purchases made at US building materials and hardware suppliers.6.
- of Lowe Business Rewards Card from American Express7 It offers 2% cash back rewards on purchases like Lowe’s and wireless phone services purchased directly from US restaurants, US office supply stores and US carriers. Cash back is received in the form of Low Business Rewards points that can be redeemed for statement credit or gift cards.
Using contractual relationships as a development tool
American Express understands the unique needs of the construction industry, from cash flow estimates to increasing equipment demand, with products and services for small and medium businesses. And it offers many creative resources designed to help businesses do more business. American Express Contract Connection, which connects buyers with suppliers and helps owners secure contracts with corporations and government agencies, has facilitated more than 35,000 meetings between small business suppliers and procurement professionals since 2012; This has resulted in more than $750 million in contracts for small businesses.
One of the many success stories includes Miami-based Lunacon Construction Group, a Hispanic, woman-owned construction management company. Patricia Bonilla, owner and president of Lunacon, has been part of Contract Communications for more than a decade and credits the program for contributing to the success of her business. Government contracting has taken her from a startup in a garage with two employees to a growing multi-million dollar business. Today, Patricia manages commercial projects with a contract value of over $485 million.
“American Express has been part of my business journey from the very beginning,” says Bonilla, who has more than 30 years of experience in the industry. “Through contracting relationships, I’ve gained valuable access to government buyers and knowledge of how to turn that access into contracting opportunities.”
But it’s not just about access. Bonilla continues, “I’ve developed relationships with mentors, partners and advisors; This has helped me grow my business to where it is today. “Understanding the importance of relationships is critical to brand awareness and exposure – and relationships are an invaluable resource.”
Is it taken? No matter where you are in your business growth journey, harnessing the power of relationships in moderation is critical. Use as programs Contractual relations It can help position your business for growth.
As the construction industry continues to evolve, construction business owners must prepare for success in order to achieve their growth goals. American Express helps construction businesses develop relationships, streamline cash flow and earn valuable rewards to help get projects done – and ultimately rise to meet this deadline. Because one thing is certain: it’s time to take advantage of the development of the construction right now.
Click here To learn more about American Express business products and services.
1. The Global Business Spending Index by American Express is in its third edition and was conducted with the Center for Business Spending, a survey of more than 3,500 businesses of all sizes in the US, UK, Australia, Canada, Japan and Mexico. Business and economic studies. The study ran from April 26 to May 9, 2022.
2. For full terms and conditions, see here.
3. For full terms and conditions, see here.
4. Accounts provided by American Express National Bank. Member FDIC Funds deposited in American Express National Bank deposit accounts are regulated by the Federal Deposit Insurance Corporation (FDIC) for a minimum of $250,000 per depositor. Coverage rates vary based on account ownership, users and number of accounts with the same institution. For more information, you can visit the FDIC’s website at www.fdic.gov.
5. For full terms and conditions, see here.
6. Membership Rewards® Program Terms and Conditions apply. Visit membershiprewards.com/terms for more information. Participating partners and available prizes are subject to change without notice. Membership Rewards points vary depending on how you choose to spend them. Go to www.membershiprewards.com/pointsinfo to learn more.
7. For full terms and conditions, see here. Here are the terms of Lowe’s Loyalty Program. All benefits are subject to credit approval.
