Insight into trends & best-in-class practices gives companies a leg up on the competition.
PRINCETON, N.J., Jan. 27, 2014 /PRNewswire-USNewswire/ -- The Construction Financial Management Association (CFMA) is pleased to announce the recent release of 2013 financial data results accessible through CFMA's Financial Benchmarker site. This year, the findings revealed that a trend established in 2008 has been broken: Where the primary source of competition had been existing contractors pursuing growth, the largest source of competition reported in 2013 is foreign contractors (26%), followed by other union trades (22%), and open shop competition (16%).
Stuart Binstock, President and CEO of CFMA, said, "The survey shows important industry trends and historical data, and using the Benchmarker gives companies important insight into how their Key Performance Indicators compare to others in the industry and where to adjust their performance accordingly."
In addition to the findings about the primary source of competition, it was reported that contract backlog decreased 4% from $87.1 million in 2012 to $83.6 million in 2013. While this shows a backstep from the prior year, it is still higher than the five-year average of $74.3 million, which included backlog lows of $48.3 million in 2009 and $52.1 million in 2010.
Also, profitability for construction companies continued a downturn from previous years, but at a reduced rate. In 2013, the average Return on Assets was 5.0%, a decrease from 5.5% in 2012 and 11.1% in 2011. Return on Equity averaged 14.2%, a decrease from 15.2% in 2012 and 33.3% in 2011.
The benefits of CFMA's Financial Benchmarker include 24/7 access to interactive comparisons of a company's financials vs. participant performance benchmarks, more than 20 key financial ratios, and historical data dating back to 2009, with new data added each year. Binstock added, "It's benchmarking that's online, on-demand, and on-point that is essential for owners, bankers, sureties, or anyone who needs to know how their company or client compares."
To access more information about CFMA's Financial Benchmarker and benchmarking company financials against the competition, visit www.financialbenchmarker.com.
Founded in 1981, CFMA is the only organization dedicated to bringing together construction financial professionals and those partners serving their unique needs. CFMA serves more than 6,600 members via 88 chapters located throughout the U.S. and Canada. Members include CFOs, controllers and treasurers working in major commercial construction contractors including contractors in general, subspecialty trades and heavy highway sectors. CFMA members also include those professionals who service the financial professionals within the industry such as accountants, surety agents, bankers, information technology and other professionals. For more information about CFMA, visit www.cfma.org. Follow CFMA on Facebook, Twitter and LinkedIn
Contact: Brigitte Meinders, 1-609-945-2431, firstname.lastname@example.org
SOURCE Construction Financial Management Association