Business Insider recently compiled a ranking of the 50 states and their economic strength. According to their ranking structure, Florida’s economy ranks 7th in the nation based on recent change in housing prices, non-farm payroll job growth, unemployment rate, GDP per capita, average weekly wage, and state government surplus and deficit. More impressively, Florida’s non-farm payrolls grew by 3 percent over the last year, which was the fifth-highest growth rate in the country.
According to reports, over the past year, California, Texas and Florida saw the biggest increases in raw numbers of construction jobs. Recent Bureau of Labor Statistics (BLS) reports indicate that construction has shown more substantial job growth in Metro Orlando than any other area of employment during the past year. Reports indicate that the construction industry grew at three times the rate of job growth as the overall Orlando economy. Data shows that by December 2014, the construction industry filled more than 60,100 jobs in the Orlando area, up 12.3 percent from the previous year. While overall employment for Orange, Seminole, Lake and Osceola counties was up just 4.3 percent during that same time.
However, even with such encouraging growth, the construction industry still lags behind most other industries in terms of the number of positions available and filled in the Orlando region. For instance, the leisure-and-hospitality industry, one of Orlando’s most prolific industry sectors, employs more than three times the number of workers than the construction industry.
During the recession, construction was one of the hardest hit industries. In 2010, the industry’s unemployment rates hit 20.6 percent, which meant that roughly one fifth of contractors and construction professionals were unemployed. Last year the annual unemployment rate of Orlando construction industry members was don to 9.8 percent, which is still notably higher than the national average of 6.2 percent. While the construction industry continues to make great strides, many professionals are still searching for work outside their specialty or niche.
As the Orlando construction industry continues to rebound, it is important that contractors and construction firms have a strong risk management plan to help them weather the economic tides. At Newman Crane, we specialize in helping Central Florida Contractors craft flexible and affordable business insurance and risk management programs. We are an insurance agency Orlando contractors can trust to provide quality products, services and guidance. To learn more about our operation and all of our insurance solutions, contact us today at (407) 859-3691.