With the U.S. Department of Labor releasing its most recent jobs report, the nation proved that it's continuing to work its way back to full strength. While the unemployment rate crept back to 7.9 percent, 157,000 new positions were added. Construction was one of several highlights, as 28,000 jobs were added to that sector in January.
Companies in the construction industry will want to take full advantage of new opportunities, and as such, it's crucial to take necessary precautions. For example, business owners would be well-advised to work with commercial insurance specialists, to help them find a comprehensive contractor's policy in place.
California specifically is seeing immense growth in the construction market, according to a BidClerk press release. There was a year-over-year breakout for major-market California public and private construction projects that were actively bidding. A report by the BidClerk Construction Index (BCI) found that overall construction activity increased 20.8 percent.
For example, as reported in the Sacramento Business Journal, Oakmont senior living, a Santa Rosa-based company that has developed more than 30 retirement communities in the Western U.S., has plans to build a community in Sacramento.
Construction on the 80-unit complex began in July 2012 and is set for completion by August of this year.
"A high-end community, Oakmont will offer one and two-bedroom floor plans with amenities that include a salon and day spa, movie theater, fitness center, activity rooms and an art studio, indoor and outdoor dining, gardens and a pet park," stated the news source.
A California contractor insurance policy would be especially beneficial in this situation. When building, it's important for owners to keep tabs on all operations. Accidents can happen and legal costs can be exceedingly expensive. Additionally, appropriate coverage can reassure clients that the contractor they have chosen will be able to handle all requirements of the job.