With estimates of at least 110,000 buildings damaged or destroyed and 20,000 fatalities in the March 11 earthquake and tsunami, rebuilding Japan will be a long and expensive undertaking, dwarfing the financial impact of the 1995 Kobe quake disaster. The World Bank estimates dam- age at up to $235 billion, 4% of Japan’s gross domestic product (GDP), compared with $100 billion for Kobe, or 2% of GDP. Private insurers could pay up to $33 billion to cover the destruction, compared with $783 million for Kobe, according to the bank. Photo: Kit Miyamoto/Miyamoto International U.S. engineer Miyamoto surveys coastal damage. Related
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.