As an insurance agency specializing in construction projects in Austin and Central Texas, we understand that making well-informed decisions can significantly impact your business. We’re excited to share the latest insights from our 2023 Construction Benchmark Report Key Findings, highlighting the decisions made by construction company insurance buyers and offering valuable information to help you navigate these choices more effectively.
The Importance of the Construction Industry
The construction industry is a cornerstone of our economy, with American construction companies generating $1.3 trillion in economic activity annually and creating nearly 8 million jobs. However, the future of the construction market can be unpredictable. For example, in 2021, we saw a 7% increase in construction spending, but residential construction spending dipped in 2022. On the other hand, infrastructure spending has risen, thanks partly to the $1.2 trillion Infrastructure Investment and Jobs Act, which promises an extra $550 billion for construction projects over the next five years.
2023 Construction Benchmark Report Key Findings
Our 2023 Construction Benchmark Report Key Findings document offers insights from the third annual survey of contractors insured through Assurex Global Partner firms. The survey focused on 1,624 construction companies in North America, representing over $25 billion in annual revenue and more than $4 billion in reported payrolls.
Some key takeaways from the report include:
- Emerging trends in construction insurance: With the evolving landscape of construction projects and changing regulations, understanding the latest trends in construction insurance can help you make better decisions for your business.
- Risk management strategies: The report highlights risk management strategies that construction companies implement to mitigate potential losses and protect their bottom line.
- Insurance purchasing decisions: Gain insights into the factors influencing insurance purchasing decisions among construction companies and how to make the most of your insurance investment.
- Specialty coverage: Learn about specialty insurance coverage that may be relevant to your specific construction niche, such as environmental liability, cyber liability, and professional liability.
How These Findings Can Help Your Business
At Watkins Insurance Group, we’re proud to be your go-to resource for insurance solutions and guidance in Austin and Central Texas. By understanding the latest trends and best practices in construction insurance, you can better protect your business.
Here’s how the 2023 Construction Benchmark Report Key Findings can help your business:
- Stay informed about the latest industry trends and changes.
- Optimize your insurance coverage to suit your company’s needs.
- Implement risk mitigation strategies to minimize potential losses.
- Make smarter decisions for your business by learning from the experiences of other construction companies.
Don’t hesitate to contact us if you’d like to chat about how these findings can help your business. Our team of construction insurance professionals is always ready to provide personalized guidance and support for your construction insurance needs.
The 2023 Construction Benchmark Report Key Findings is an invaluable resource for Austin and Central Texas construction business owners. By understanding your industry peers’ trends and decision-making processes, you can make better-informed decisions for your company and stay ahead in this competitive market.
