Construction back on the rise

The recession hit a lot of industries hard, and construction was no exception. A lot of businesses didn't survive the lean times, but for those that were able to endure the rough economic climates, there is some optimism ahead.

According to the 2014 Dodge Construction Outlook, total expenditures on projects are expected to increase 9 percent to $555.3 billion in 2014, on top of the 5 percent estimated jump by the end of this year. This supports the theory that the businesses that were able to weather the harsh economy have emerged with a better idea of best practices, and are well-suited to take advantage of new opportunities.

This trend is especially clear in some portions of the country. New York City and Arizona contractor insurance is growing, with companies looking expand their operations safely and quickly. In Arizona, about 8,000 new homes are started every year, and that number is beginning to rise.  While commercial construction is still somewhat slow, the apartment sector is looking up as well, according to Dennis Tsonis, vice president, Lovitt & Touche Inc., which has offices in Phoenix, Tucson and Las Vegas, Nevada.

"That's been doing quite well for the last couple of years and seems to be going strong," says Tsonis. 

Companies also expect nationwide growth in contractors business insurance in the life sciences industries and the healthcare sectors, as private developers look into urban-appropriate projects. Industry professionals are also keeping a close eye on the education market, which could be due for big growth in the coming year. Whatever the newest arena is, companies will be able to approach it with the wisdom that comes from having gone through tough times. 

 

Loading...

 

Newsletter Signup

Aegis Insurance Markets Logo in White
An InterWest Insurance Services LLC Affiliate

40169 Truckee Airport Rd. Ste #203
Truckee, California 96161
Phone (800) 579-6369
Fax (530) 582-6007
License #0B01094