Sussex County Contractors Insurance: 2014 Revised Growth Projections

Sussex County Contractors Insurance: 2014 Revised Growth Projections Sussex County Contractors Insurance 2014 Revised Growth Projections

Construction remains one of the fastest growing labor sectors in the American market.  According to the U.S. Bureau of Labor Statistics (BLS) there are roughly 1.3 million construction professionals across the states and the projected growth rate for the sector is roughly 25 percent by 2022. But new analysis shows that BLS projections might be slightly ambitions.

The Second Quarter 2014 Construction Outlook report released by FMI, an industry consulting group, shows that although there is reason to expect consistently strong growth, it may not come as quickly as previously anticipated. The second quarter growth rate projections are much more cautiously optimistic which shows revised percentages from the first quarter report released early this year. FMI estimates the total dollar value of construction work done in the U.S Construction for 2014 will see a 7 percent increase over 2013 levels.

Some of the FMI market predictions Include:

• Residential – New home production continues to slow in the recovering economy as many residents are choosing to rent instead of purchase their own housing. As a result, the forecast for residential electrical growth has been adjusted from 18 percent growth to 12 percent in 2014.

• Commercial – Retail production is slowing due to the rise of e-commerce, which continues to reduce the presence of brink and mortar establishments. FMI projects that the industry growth rate will slow in the commercial sector to 6 percent in 2014.

• Education – Education is the second largest sector of total nonresidential construction spending in America. As such, the decreased production of educational infrastructure has led to slow over all construction growth. FMI suggests expects only a 1 percent growth rate in 2014.

• Transportation – Construction for the transportation industry is one of the few areas that continuously experiences solid growth, thanks in large part to federal funding. Transportation construction is expected to grow roughly 7 percent in 2014.

At Provident Protection Plus Insurance Agency we understand the ups and downs of the construction industry and all the risks contractors encounter through the course of their daily operation. That’s why we specialize in helping New Jersey contractors stay competitive in their field by offering comprehensive Sussex County contractors insurance and risk management solutions. We provide a complete suite of commercial insurance products and services which include property, liability and workers compensation insurance and other key coverages to mitigate inherent industry risk exposures. To learn more about all of our offerings, give our Sussex County contractors insurance specialists a call today at (888) 990-0526.