Industry reports and surveys forecast continued growth in the construction industry. Even with this continued growth and positive outlook, there are still many issues that threaten the industry and its important work. We take a look at just a few of them.
Issues in the Construction Industry
Unpaid work – Finances are, unsurprisingly, one of the major issues facing the construction industry in 2020. With a responsibility to ensure the livelihood of their employees and families, it’s important for business owners to have positive cash flow. Unfortunately, subcontractors have not received payment for their completed work in numerous instances. As a result, subcontractors file claims against their general contractors and owners, as they have already completed the work on the large project.
Retirement of aging boomers – There 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 – 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 coming into play for those project managers who do not ensure safety is a priority.
These are just some of the issues facing the construction industry this year. Ensure that you have the necessary insurance coverages that safeguard your project. For the easy and convenient construction insurance services that you need, contact the experts at Artisan Insurance Solutions. We are ready to get you the coverage that you need today.