News About Construction Trades Insurance

5 Reasons Why Construction Trades Are Still Important

The Construction Industry Is Vulnerable

 

The United States Bureau of Labor Statistics predicts that opportunities in construction trades will increase by up to 13% by 2026. However, with data also showing that the largest percentages of skilled workforce in construction trades exist mainly of workers of ages 45 years and above, this shows that in the next five years, there will be a great demand gap in skilled building trade workers, as most skilled workers retire. The effects of this gap are already being felt by contractors who are currently experiencing difficulties in finding skilled workers. The pain is being felt by plumbers, roofing contractors, framers, electricians and painters and other building trades.

One of the reasons for this gap is the perception that building trades are blue-collar jobs. There is a tendency to consider construction trades as the last career option, with the opinion that it is labor-intensive, with low remuneration. This article aims to demystify these stereotypes and show why construction trades are still currently one of the most important careers to pursue. Here are a few reasons why:

1. Vital to Construction Projects

Construction trade workers have technical skills that are required in the construction industry to meet the increasing infrastructure demands. No construction can be undertaken without the input of construction trade workers, who are the actual implementers of the project. The provision of skilled labor to the industry will remain a relevant need in the construction of projects to successful completion.

 

2. A Major Source of Employment 

The United States construction industry currently employs over 7 million construction trade workers, adding to the millions of job vacancies currently awaiting occupation due to the rising demand for skilled labor. Construction trades are therefore a major source of employment and therefore contributing to the improvement of living standards of citizens and economic growth.

 

3. Substantial Remuneration

Construction trades offer a decent annual pay of over $50,000 for experienced workers and a general average of approximately $35,000 across various levels of experience. This is above the annual average salary for service jobs.

 

4. Job Security

The building trades offer high levels of job security to their workers, both as a result of the high demand gap, and the fact that the skills are more physical and can therefore not be outsourced externally through online services. Labor in construction trades is mostly acquired locally at the location of the construction project.

 

5. Technological Innovations

The construction industry has experienced a lot of breakthroughs with inventions of technologies, plants, and equipment that have made construction trades less labor-intensive or physically demanding.

 

Big Opportunities For The Building Trades

The construction industry is vulnerable without a flow of new and trained building contractors. Raising awareness of the importance and value of these skills for the building industry will strengthen the attractiveness of building trades as a career. Contractors dealing with construction trades are urged to organize frequent training of their unskilled and semi-skilled workers, to bridge this gap. Apprenticeship programs with the skilled and more experienced construction trade workers will also to ensure a continuous flow of knowledge and skills from one generation to the next. And, just as it is important to protect the instruction industry, it is as important to protect the contractors themselves. Workers Compensation, Commercial Auto, General Liability, and Equipment Breakdown insurance are just some of the insurance coverage options. If you’re unsure about the best insurance coverage for your contractor business  needs, your questions can be answered by experienced insurance agents at Small Business Liability.

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