Many people feel as though the construction sector is key to economic growth or decline. New construction means new real estate, shops, homes, businesses, etc. According to a November 2014 report from The Washington Post, the construction industry seemed set to take off moving into 2015. And take off it did; nationwide communities are seeing job growth in the construction sector.
For example, according to the Bureau of Labor Statistics, construction has shown more robust job growth in Metro Orlando during the past year than any other area of employment. Orlando is not the only big city seeing these changes. New Jersey construction firms should ensure they have the right New Jersey Construction Insurance policies in place, as they may soon see a bump in their employment needs.
U.S. Construction employment does still fall behind most other types of employment, such as employment in the leisure and hospitality industries, however the growth in this industry is inferior to the growth that the construction industry has seen. In fact, the annual unemployment rate for construction employees was only 9.8% last year, versus the staggering 20.6% annual unemployment rate of 2010.
What types of construction projects are inspiring this sudden growth? Many recent surveys and articles have found that a lot of it is apartment type homes and rental properties that are gaining the most traction these days. The reason for this may be from millennials, who don’t want to be anchored down by a mortgage, entering the workforce. There’s also reportedly been growth in retail and office construction.
At Tri-State Insurance Agency, we understand that adding more employees to your firm inherently means adding more risks. In addition to commercial general liability coverage, we offer coverages for builders risk, pollution liability, NJ Construction Workers Compensation, and more. For more information, please contact us today at (888) 990-0526.