What’s Driving New Jersey Construction Employment Rate?

What's Driving New Jersey Construction Employment Rate2015 appears to be a good year to be in the construction industry. In fact, in January alone, the New Jersey construction industry added 6,100 jobs. This is good news for economic recovery not only in New Jersey, but nationwide. So what’s driving this promising job growth? According to a recent article published by NorthJersey.com, the primary construction jobs being requested in the state are for multifamily housing and warehouses. As of March 31st, these two sectors have added 7,900 more jobs to the industry.

Job growth is always a promising trend, though it’s imperative that as your construction firm attains more staff, it’s important to ensure you are properly protected with the right NJ Construction Liability Insurance policy. The construction employment rate is not expected to drop any time soon. George Vallone, principal of Hoboken Brownstone Co. and president of the New Jersey Builders Association states that the industry is “…getting more and more healthy each year without question.” He continues, “And if you are in a particular sector, which is the multifam section on the Goal Coast- it’s blazing hot.”

Vallone noted that construction firms in these two sectors do not have to struggle to find workers, and in fact workers are starting to come in to work form out of state. These new figures are a drastic improvement over the state of the construction industry this same time last year. In March 2014, trade group Associated General Contractors of America reported that New Jersey’s 3.4% drop in construction jobs indicated New Jersey had more loss in the industry than any other state in the U.S.

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.