More than 40% of the country’s construction workforce is expected to retire in the next decade.
An aging workforce – and ongoing labor shortages – are among the 2024 construction industry trends highlighted in this Insurance Business Talk podcast, featuring construction experts from The Hartford.
Other factors anticipated to have an impact on the construction industry in 2024 include:
- Supply chain issues: While some pressures are easing, pricing volatility is expected to continue, and products from overseas still might be difficult to obtain.
- Litigation and insurance rates: As litigation becomes more expensive, in part because of nuclear verdicts, insurance pricing is rising, and terms and conditions are becoming more limited
- Emerging technology: Through technology such as telematics and imagery, construction firms have more opportunities to monitor site safety, progress, and even worker behavior to limit accidents
For more information on 2024 construction industry trends, listen to the full podcast here. If you’d like to discuss strategies to help manage the risks facing your construction firm, please reach out to your Schauer Group representative.
