This blog previously discussed the most recent employment numbers from the Bureau of Labor Statistics. While the economy as a whole has been working its way back to a full recovery, the construction industry was especially hard hit over the last few years in terms of employment. However, May saw 7,000 construction positions added, which pushed the sector's unemployment level down to 10.8 percent—the lowest level for May in five years.
Furthermore, with a total of 5,804,000 workers employed in the industry, the Los Angeles Times explained that more people are now working in construction than at any time since August 2009.
With construction showing positive growth, it is a perfect time for contractors to review their current insurance policies. Business insurance for contractors needs to be up to date and comprehensive, especially as organizations start to become more profitable.
Real estate is another sector that is showing positive growth, which could also bode well for construction.
"Firms that have improved their outlook the most are in construction and real estate," explained a semi-annual survey from the Atlanta Fed. "Over the past year and a half, this industry has risen from the least likely to anticipate hiring to the most likely to anticipate hiring."
More job sites and more employees working on them could mean a greater risk for an accident. No contractor wants an injury to occur, but it is essential for firms of all sizes to have the right policies in place to protect against anything from liability claims to construction defect lawsuits.
Partnering with commercial insurance specialists can help company leaders find the best general contractors insurance—and any subsequent policies—that they need. That way, as the construction industry continues to strengthen, the businesses that operate within it will remain strong as well.