Earlier this month, the Associated General Contractors of America, “the leading association for the construction industry,” released an eye-opening report examining the state of construction employment in the U.S.
According to the AGC report, roughly two-thirds of the nation has seen contractors expanding their workforce, while construction employment as a whole grew in 215 metro areas, while declining in 80 and remaining stagnant in 44.
The AGC report also found that Florida saw 44,500 construction jobs added during the month of June, bringing the total number to 408,600. This actually constitutes a 12 percent increase from the 354,100 construction jobs in the Sunshine State in June 2013.
Closer to home, the AGC report determined that both Broward County and Palm Beach County saw dramatic increases in construction employment in June fueled in large part by a booming market for apartment buildings and condominiums.
Specifically, Broward County was found to have added 4,200 construction jobs, a 13 percent increase from the same time last year, while Palm Beach County was found to have added 2,700 construction jobs, a 10 percent increase from same time last year.
These numbers are highly encouraging and demonstrate how the Florida real estate market — both residential and commercial — is finally on the mend following the recent recession.
As a builder, you want to take full advantage of these favorable conditions, breaking ground as soon as possible so that you can move onto the next project and maximize your profit.
One way to help ensure that this happens is to consider having a skilled and highly knowledgeable legal professional on your team who can not only review, draft and negotiate the necessary contracts, but also effectively address any potential disputes that arise.
For instance, the resolution of a construction law dispute shouldn’t immediately escalate to the courtroom, but rather should only arrive there after more efficient yet equally effective alternatives such as informal settlement attempts, mediation and arbitration are attempted.
Please visit our website, to learn more about how a legal professional can protect the best interests of owners, developers, general contractors, subcontractors and material suppliers.
Source: The Sun Sentinel, “Construction hiring up in Broward and Palm Beach counties,” Marcia Heroux Pounds, Aug. 1, 2014