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Growth in New Market Segments is Critical During Economic Uncertainty

Growth in New Market Segments is Critical During Economic Uncertainty

It’s been fascinating to watch the stock market soar over the past 6 months while the world has continued to be stuck in one of the worst economic declines in a century. Why is it that the stock market can be so out of step with reality when there is so much uncertainty out there? I can’t say I have a clear answer for that, but my theory is that investors are confident that the pandemic is short-lived and a rebound is imminent once vaccines are rolled-out over the upcoming months. It’s also likely a case of investors shopping for bargains as price dips are somewhat routine currently. The economics of construction projects (and the project management software to run them), is not unlike other market segments in that some industries have been hit hard by the pandemic, while others have flourished.

Laurel Steet 2

Welcome Laurel Street Residential and Arch Corporation

At 4castplus, we’ve been fortunate enough to work with various industry verticals where major projects are common: including mining, oil & gas, commercial construction and infrastructure. Some of these have unfortunately struggled due to the pandemic (and other global factors), and as a result, many projects have either been delayed, reduced to skeleton staff, or cancelled altogether. The oil & gas industry had a particularly difficult year as the price of oil actually went so low it hit negative numbers. While this was partly due to a spat between Saudi and Russia, it shows how important it is to have a diverse portfolio of clients. In around that time of negative oil prices, our team at 4castplus worked hard to pursue market verticals that were (and still are) thriving in this economy. Two examples of that are Health Care and Affordable Housing. Many regions around the globe are rethinking their senior living and assisted living homes as they have been a hotspot of COVID outbreaks and, horribly, many deaths. This is where a recent 4castplus client, Arch Corporation, is experiencing significant growth in their business – in building and re-building seniors health-care facilities. Headquartered in Toronto, Canada, Arch Corporation has built trusted industry relationships to formalize arrangements to build and operate projects.

Affordable housing is another growing market segment that has been blessed with new vigorous energy and funding over the past couple years. Another new 4castplus client, Laurel Street Residential, plans and develops affordable, high quality, mixed-income communities throughout the East Coast for working families and seniors. Based in Charlotte, North Carolina, the boutique private development company works on developments of all sizes, including both new construction and rehabilitation projects.

“Welcoming Arch Corporation and Laurel Street Residential into the 4castplus family is a testament to our ability to work with clients who manage large projects in diverse industries," notes Pat Houle, Director of Business Development with 4castplus.

 

Driving Real Results 

While both companies have goals unique to their business, they draw on 4castplus's unparalleled expertise within their respective industries to drive real results.  4castplus offers a centralized cloud-based project cost management platform where teams can work collaboratively and productively to manage complex projects with confidence and certainty.  From the strength in project controls, contract management and construction cost tracking; to the solid and responsive support; 4castplus's full suite of services allows companies like Laurel Street and Arch Corporation to achieve their project and operational goals.

 

A Go-To Partner

4castplus - partnership with -oracle-netsuite
Fueling consistent business growth is incredibly complex and requires a multifaceted approach.  It's for this reason in mid-2020 4castplus engaged in our newest strategic partnership: Oracle-Netsuite .
 
"This partnership opens many new market opportunities for both 4castplus and Oracle, as 4castplus brings strength in Project Cost Management capability to Netsuite," says Chris Ronak, VP Product Strategy, noting that the recent partnership helped solidify its client acquisition process with Laurel Street and Arch Corporation."Our very like-minded focus of putting clients first was an exciting find," he adds. "We are extremely excited to accelerate our growth across North America and the globe with Oracle."

 

By Mary Ellerslie | February 01, 2021 | Categories: project cost controls software, project cost management software, construction job cost software | 0 Comments

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