Construction industry trends

With increased demand for new commercial and residential construction and upgrades/improvements to current infrastructure, the construction industry is poised to see unprecedented growth. Accompanying this growth are a few key trends outlined below.

Modular and prefabricated construction — This new type of construction presents clear advantages such as a smaller physical jobsite footprint, waste reduction and a decrease in disruption to the jobsite. Modular construction is expected to reach almost $160 billion by 2023, cited by the National Fire Protection Association Journal. Be prepared to see an increase in contractors entering this space, as well as projects using this new construction process.
Sustainability; Environmental, Social and Governance (ESG); and green construction technology — Green construction will continue to increase with the global push for environmental sustainability and the decrease of waste and carbon footprints.
Design-build construction exposure — In design-build construction, a single firm takes on the responsibility of architects, contractors and construction workers. Design-build has become increasingly popular, and the majority of states are now using this method for public construction projects.

For agents and brokers, it's important to fully understand the technology and process behind these materials to accurately convey information to underwriters.

Special Reports /

Major factors impacting the 2022 construction liability, insurance market

Related Stories

Recommended For You