The construction industry employs 8 million people and is expected to continue to grow in 2025.
Business Insurance interviewed risk management experts from both construction companies and insurance companies to get their perspective on trends facing the industry. See the highlights below, and read the full article here.
2025 trends:
- Cost increases have created financial difficulties for subcontractors, so it’s important to vet vendors and monitor them throughout the course of a construction project.
- A rising number of severe weather events has increased building risks across the country, but having a crisis response plan in place can help mitigate losses and keep workers safe.
- With an increasing number of jobs, it can be a challenge to find enough skilled workers. Firms should focus not only on hiring but also on training and retaining workers – especially those who can train the next generation.
- Commercial auto insurance rates continue to rise, in part because of nuclear verdicts stemming from auto accidents, and this increased cost is factoring into the overall cost of projects.
- Telematics, or technology that monitors driver behavior, can be a helpful tool when the data it collects is used to correct problems.
Our advisors at Schauer Group can help construction companies navigate industry challenges. If you’d like to discuss these issues further, please reach out to a member of our team.
