Earlier this year, we reported that federal labor statistics and market data were indicating 2014 Construction Industry Growth, creating over 20,000 jobs just in August. In more good news, the Labor Department now predicts that the economy will add 1.6 million construction workers by 2022.
Terry Segerberg, CEO of Mesa Industries Inc., has been on par in the past with predicting industry growth and stalling, and now predicts that the industry is definitely on a growth trend. Segerberg noted in a recent Washington Post article that her company alone has spent the last 18 months preparing for significant growth. She is able to gauge the industry’s health through the orders coming in her company’s door. Mesa Industries Inc. sells materials and equipment to construction firms across the country and around the world.
Naturally, the recession had a huge effect on construction employment, as it did for employment for many industries nationwide. Looking ahead, however, the construction industry remains a vital component to the job market, especially for workers who may not have college degrees. The construction industry shed 2.1 million jobs from 2007-2010, which was the equivalent of one-fourth of the nation’s net job losses.
The good news, however, is that the industry has definitely begun to see a rebound. In just the past four years, the economy has added 500,000 construction jobs. Overall, construction spending has grown nationwide as well. Both private residential and nonresidential building is up from 2010, good news for the commercial real estate industry as well as the construction industry.
At Tri-State Insurance Agency, we provide a complete suite of New Jersey Business Insurance products and services to contractors in the New York, New Jersey and Pennsylvania tri-state area. Our Construction programs are designed to help mitigate the various risk exposures contractors face with property, liability and workers compensation, and other key coverage offerings. We can help protect tri-state area contractors from the unique exposures that are inherent in the construction industry. Give our NJ construction insurance specialists a call today at (888) 990-0526 for more information.