Construction Industry
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Over our past few blog posts we’ve talked about how the construction industry is seemingly on the rise, how contractors are shaping the world of tomorrow and where you may fit into that overall picture. Unfortunately, we have some bad news. Two years ago, New Jersey was hit hard by Superstorm Sandy, a storm that claimed the lives of 34 people living in the state, destroyed homes and disrupted life as we know it for countless numbers of people residing in New Jersey. Contractors were quick to lend a hand as opportunities to rebuild were fairly abundant as the Federal Government and the state sought to return everyone to some semblance of normalcy. But, the industry that had grown so much and restored so much hope has finally experienced a state of decline which gives rise to the question; what will New Jersey contractors do as opportunities for employment dry up within the state?

Between March 2013 and March of this year the construction industry within the state lost close to 4,600 jobs. That’s a decrease of 3.4% over the span of a year that has seen construction employment fall from 136,100 to 131,500 according to The Recordreport, and represents the sharpest decline out of any state in the country. Not only is that a cause for concern among contractors but also for those residents in New Jersey who are still waiting for their communities to be rebuilt.

What’s the reason for the decline? Some analysts believe that the decline in construction jobs could be attributed to the harsh winter conditions we experienced this past year. The heavy snowfalls and bitter cold temperatures in the state did not present the most welcoming environment for contractors to commence building in leading economists like Charles Steindel, the chief economist for the New Jersey Department of Treasury, to believe that the weather was more to blame than a shortage of jobs.

There are building projects popping up all over New Jersey from Atlantic City to Northern New Jersey to a wind farm 10 miles offshore. Employment is expected to rise as summer kicks into full gear so be on the look out for opportunities near you and, when they do arise, be sure to protect yourself with our comprehensive, adaptable and affordable insurance policies.