August 10, 2012
Joseph Natarelli, National Construction Industry Leader & Partner-In-Charge of the New Haven Office, Featured in WSJ.com Article "Commercial Construction Seeing Slow Recovery"
By A.D. Pruitt
Excerpt:Joseph Natarelli, National Construction Industry Leader & Partner-In-Charge of the New Haven Office, was featured in the WSJ.com article "Commercial Construction Seeing Slow Recovery."
The following is an excerpt from the article:
A healthier housing market helps, but the construction sector still faces an uphill battle as new projects dry up.
"It's a very slow recovery with some stagnation in certain parts of the country," Joseph Natarelli, head of the national construction industry group at Marcum LLP, a construction accounting firm, told Developments Friday. Construction spending on private and government projects rose 0.4% in June, mostly on the back of an improving housing industry, the Commerce Department reported earlier this month.
This weak recovery means competition in the construction sector is intense. "A lot of the contractors are bidding on the same work, therefore driving down the gross profits on the jobs that are out there." Mr. Natarelli said.
What’s more, Mr. Natarelli noted that many commercial contractors are having difficulty obtaining insurance to guarantee that private projects will be completed.