Cummings Insights, a construction industry market analysis firm, reports the Atlanta Construction industry has seen steady signs of growth since 2014 (28%), even through the overall stagnant U.S. construction industry market. Construction spending in the Atlanta area is set to outperform the rest of the nation on average. Contributing to the positive outlook is the growth of Georgia industries including construction, education and health services as stated by The Selig Center for Economic Growth in its 2019 economic forecast.
The Georgia Construction Outlook Survey conducted by Bennett Thrasher, a full-service public accounting firm, indicates a top concern in the Georgia construction industry is reliability of subcontractors and labor shortages which affect 83% of Georgia’s privately held construction companies. Even with these concerns, 38% of the survey’s respondents indicated they expect an increase in revenue over the next year. Approximately 68% of the privately held construction companies are in the metro Atlanta area.
There are some exciting new construction projects underway in Atlanta, as it undergoes an urban renewal in the last few years that continues today. Downtown Atlanta has sprouted up numerous new office complexes, hotels, restaurants, retail establishments and park/recreation areas. The Construction Productivity Blog lists these 10 projects as the top in the Atlanta area: Centennial Yards, The AtlantaBeltLine, Midtown Union, Fort Mac, No. 2 Opus Place, Phipps Plaza, Underground Atlanta/Block 3, College Park’s Gateway Center Arena and Georgia Tech’s Living Building.
Construction in Georgia and the Atlanta area is forecast to do well through 2019. To operate efficiently, construction contractors must learn to control risks to maintain profitability. C&S Specialty Underwriters understands the risks contractors face–it is our area of specialty! If you have construction contractors in Georgia or in the Atlanta area, we have the liability insurance protection they need to adequately cover these risks. Contact us to learn more about our liability insurance products. We’ll be glad to answer any questions you may have.