Recession has not been good for the construction industry, but it’s helping to keep workers’ compensation rates down, say insurance and contractor executives. In the year that ended last June, 28 states filed for rate decreases, while nine filed for increases, says Peter Burton, senior division executive for state relations for the National Council on Compensation Insurance. Related Links: Economics: With Margins Cut to the Bone and No Demand, Costs Are Left With Nowhere To Go Market: More Bad Economic News Dims Industrys Confidence Cement: New EPA Regs Pose Cost Problems Labor: Wage Settlements Are Between A Rock and a
The market is generally healthy and steadily growing, and margins are up for large specialty contractors. Further, advances in design tools and owner demand for collaboration are giving subcontractors a seat at the table early on in projects.