Industry reports and surveys forecast sustained growth in the construction industry. Even with this continued growth and positive outlook, there are still several issues and problems the construction industry is facing in 2021 that threaten the industry and its important work. In this article, we’ve discussed the top challenges and issues facing the construction industry in 2021.
Issues and Problems in the Construction Industry in 2021
Finances are, unsurprisingly, one of the major issues facing the construction industry in 2021. With the responsibility to ensure the livelihood of their employees and families, business owners need to have a positive cash flow. Unfortunately, in numerous instances, subcontractors have failed to receive payment for their completed work. As a result, they are compelled to file claims against their general contractors and owners.
Retirement of aging boomers
Another pressing issue that adds to the list of construction industry problems in 2021 is a shift in the workforce and personnel. The construction industry faces a skilled labor shortage and an inflow of inexperienced workers. This could be an issue because it can increase the injuries and accidents that occur on job sites. Since many construction managers are boomers, the number of boomers leaving the industry could cause labor shortages if these spaces are not filled.
Safety is also an important issue facing the construction industry. Even though safety is incredibly important on job sites, construction work is inherently dangerous, which makes insurance and workers’ compensation costly. However, stricter penalties are being imposed on those project managers who do not prioritize safety.
These are some top challenges and issues being faced by the construction industry this year. Make sure that you have the necessary insurance coverages to safeguard your project. For easy and convenient construction insurance services, contact the experts at Artisan Insurance Solutions. We are ready to get you the coverage that you need today.