According to the Associated Builders and Contractors, there were nearly 7 million open construction jobs in the United States as of July 2018. The biggest reason for the shortage is a lack of skilled construction workers available within the labor pool. This shortage has led to an increase in open positions within the industry of 55%, according to the Bureau of Labor Statistics in September 2018. Unskilled workers have attempted to fill the open void, as the only labor pool available, but this has led to more danger on the job site as well as decreases in job quality and speed.
As construction project numbers have jumped, contractors have more projects on their plate and more risk of unsatisfactory performance with the pressure of more projects and fewer qualified workers. Claims have risen in roofing, exterior cladding, plumbing, and HVAC particularly. More work having to be done at quicker speeds with less skilled workers leads to more claims. This makes performance bonds all the more important as satisfactory performance becomes harder to achieve for contractors in this day and age.
Obtain Bid and Payment/Performance Bonds
Colonial offers the direct and digital way to obtain bid and payment/performance bonds as well as any other surety bonds. Colonial gives you an easier way to manage your bid and payment/performance bonds online. Having your single and aggregate limits in writing allows you to update your work on hand and adjust your bonding capacity in real time. Contact us to learn more about our ibonds.