As a business owner, you know that the decisions you make can have significant impacts on your success. That’s why we have exciting news to share! Our latest industry-specific benchmark report focuses on the purchasing decisions of insurance buyers in construction, and we’ve just released our benchmark report for 2023.
The construction industry generates $1.3 trillion of economic activity annually and employs almost 8 million people. As we navigate the uncertain economic climate, knowledge is power. In 2021, overall construction spending increased by 7 percent, while residential construction spending decreased this year. Infrastructure spending has seen an uptick– thanks in part to the $1.2 trillion Infrastructure Investment and Jobs Act.
The 2023 Construction Benchmark Report contains highlights of data from the third annual survey of the purchasing habits of over 1600 North American contractors that are insured through Assurex Global Partner firms. Combined, these companies generate more than $25 billion in annual construction revenue with payroll exceeding $4 billion.