In recent news, it’s been reported that construction companies are struggling to find workers to complete their projects. Due to the extensive recession of 2007, over 2 million jobs were lost and the construction industry dropped to a record low of 5.7% total employment rate. Give these circumstances; consider your options and deliberate implementing a Clifton Business Insurance policy to protect your local construction company during this employment shift.
So, what happened to all these workers? For an industry that used to employ nearly 7.7 million people, it’s staggering that 83% of Construction Firms are having difficulty staffing their projects, as reported by The Associated General Contractors of America. With a combination of dispersing to other industries (such as oil, gas, and mining), going back to school, and retiring, there is a record shortage in the construction labor market.
On the other hand, construction companies are now seeing revived projects and starting to build again. With this recent demand for employees, construction companies have had to offer wage increases to promote incentive, recruit qualified talent, and focus on labor saving technology. What’s more, commercial and private insurance wages are up a total of 6.8% from last year. The numbers are only increasing as of lately, showing a vast improvement for the potential job market.
These developments are proving to make significant changes to the construction industry over the coming years. At Tri-State Insurance Agency, we specialize in finding custom insurance solutions for businesses like yours. Ensure that your business is prepared and protected with a Clifton Construction Insurance policy today by contacting us at (888) 990-0526.