CONSTRUCTION | AGENT RESOURCE
What to expect in economic conditions, employment patterns and technology advances
A high-level look at general contracting
General contractors plan, budget and manage the construction of a project. Among other responsibilities, this often includes overseeing several tradespeople, including plumbers, HVAC contractors, electricians, roofers and carpenters.
Projects are diverse and may include new builds or renovations of structures such as retail stores, apartment buildings, manufacturing plants or high-rises.
General contracting companies vary greatly in size and areas of specialty. Some general contractors, such as paper contractors, do little to no construction work of their own. Other general contractors perform different types of structural work (e.g., framing, rough carpentry, steel erection or structural masonry).1
General contractors don't fall neatly into one NAICS code. This is because the definition of a general contractor is relatively broad, covering a wide variety of entities and individuals who focus on projects both large and small. Classifications may include:
The outlook for general contractors is relatively positive. According to IBIS World and the Bureau of Labor Statistics, there are approximately:
construction manager jobs3
In addition to this positive outlook, revenue for all of construction is approximately $2 trillion, and the industry has seen 3.3% annual growth over the last five years.2 Together, these statistics show a growing construction industry, which is likely to benefit general contractors.
In terms of demand, there's not only a need for new buildings but for interior refits for new commercial occupants and building renovations as well. This is particularly true when it comes to making structures more energy-efficient. General contractors ensure these types of projects are finished on time and on budget.
Recommended lines of coverage: General liability, inland marine, property, workers' compensation and commercial auto
If you're an agent interested in growing your commercial book of business, please go to nationwide.com/agents.