b'INDUSTRY ROUNDTABLEprevalent due to the daily increase of construction costs. You have construction risk. TW:Were seeing costs go up on materials like steel studtheyreWork with the experts.projecting a 15-per-cent increase next month, and then 10 per cent the month after that, and so on. The thing is, as we get to these months, were finding that not only are those numbers going up, but the amount of supply out there is changing, too. In some cases, the lead times are stretching into the next year. It doesnt matter what the price is; you just cant get it.So, the larger issue at the moment is securing sufficient material in a timely manner. Demand is outpacing supply.Ryan Fairburn,Construction Insurance, Vernon Talk to the CapriCMW Insurance Bidding projects for 2022 is provingMorly Bishop,Construction Insurance, Kamloops construction team today.difficult due to the increased costs thatChris Nielsen,BCCA Group Benefits, Kelowna 1 800 670 1877 l capricmw.caare unpredictable. We are bidding based on current numbers and providing aAngela McKerlich,Contract Surety, Kelownaprojected material increase cost for whenMatt Arruda,Construction Insurance, Kelownathe project is starting. Then, it is upPaula Garrecht,Construction Insurance, Kelowna to the contractor/developer to allow a sufficient contingency fund formaterial increases.WHAT CAN OWNERS AND INDUSTRY LEADERS DO TO HELP MITIGATE THESE IMPACTS?PS-T:As clich as it may sound, itsSmart decisions. Lasting value.also very true: plan the work and work the plan. This mantra can help mitigate any risks the construction industry may face, including from the COVID-19 pandemic. Kickoff meetings are criticalBuilding strongand something Acres has always implemented in its practices. It is infoundationsthese meetings that we identify a plan to mitigate present or anticipated risks.For owners and clients, its key to align themselves with competent professionalContact a Crowe MacKay trusted advisor for organizations that have proven success in executing projects in a given timeframeyour tax and business consulting needs.and budget. If you work with a competent and professional group, youJohn Diduch, CPA, CAwill see that in the results. Incorporated AssociateDT:Being flexible on project timelines(250) 763 5021can keep projects progressing, albeit atJohn.Diduch@crowemackay.caa slower pace. If one had the foresight to have increased their stock of mission- Audit / Tax / Advisory crowemackay.cacritical supplies, they might be in a SICA CONSTRUCTION REVIEWFall 202149'