Report: U.S. construction increases last month

For construction companies, having comprehensive and up-to-date general contractor insurance is essential. Because research shows that the housing market is working its way back to a full recovery, contractors and builders need to keep their company protected against numerous potential events.

On Tuesday, the Commerce Department released a report showing that construction spending climbed 0.6 percent to an annual rate of $901 billion. Private spending on home construction projects also increased, which Reuters explained was a sign that builders were still relying on a housing market recovery.

Even though mortgage rates increased in May, and the government sector saw a decline in growth, the news source said that firms increased outlays on projects for offices, commercial buildings and factories.

While state and local governments saw a drop in spending in July, federal construction spending increased during that time, according to the report.

Contractors should take note of this information, regardless of the specific industry in which they operate. What if you are slotted to complete a building and someone is injured on your site? Or, perhaps a client claims that you did not complete a project. Do you have the necessary contractor liability insurance in place?

Company leaders do not want to have to ask these questions when the moment arises, they want to already know that they are covered. With the possibility of more consumers wanting to become homeowners, or businesses wanting to add on to their office, construction firms must be prepared.

General contractor insurance should be a standard tool for firms, one that is never disregarded at a construction site. The right coverage will help companies find success in the short- and long-term, all while ensuring the safety of workers and clients.

 

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