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Southwest Florida BUSINESS TODAY ®
Iron Ridge Insurance announces acquisition
Iron Ridge Insurance Services, a boutique independent insurance agency based in Fort Myers, has expanded its footprint in the Florida commercial insurance market. On Nov. 30, Iron Ridge acquired Centennial Insurance Services, a move that will significantly increase Iron Ridge’s presence in providing solutions to condominium and homeowners Associations. “This move will increase our business by about 30%,” explained Norman Lutz, Iron Ridge CEO. “Our team has already reached out to our new clients to introduce ourselves, and the response has been McRedmond very positive overall. We look forward to providing them with the same excellent service that our existing clients receive.” Iron Ridge primarily serves commercial clients, with particular focus on physician and physician practices, and architects and engineers. Its team of insurance professionals hold a wealth of commercial and personal insurance experience. In conjunction with the transaction, account executive Jackie McRedmond will transition to the Iron Ridge Insurance team to ensure a smooth changeover. McRedmond has extensive experience in providing service to Homeowner and Condominium Associations, and to religious organizations. “We’re thrilled to have Jackie on board,” Lutz said. “Not only is she experienced in commercial insurance, but she’s also established a strong connection with our new clients. Jackie will be a great asset to our business and to our insurance customers.”
JANUARY 2021
Residential construction strengthens during pandemic Like every industry, residential construction experienced a pause in early 2020 as news of the pandemic and its impact became evident. Since then, residential construction has had a significant positive impact on the area’s economy and employment. Overall, I think we have seen growth in the industry this year from both a resale and new construction perspective. The market is stronger. Between resale and new construction, it is unbelievable. Residential construction permits in Lee, Collier and Charlotte counties in the first quarter of 2020 were 70% higher than the same quarter in 2019. In the second quarter of 2020, permits were slightly lower than 2019. Total residential permits in Charlotte, Lee and Collier counties in 2019 were 15,910. This year, 8,789 permits were pulled through June 30 and builders pulled nearly as many permits for apartments in the first half of 2020 than in all of last year, according the LSI Companies, which presented Lee Building Industry Association’s annual Market Trends in August. Part of that increase in residential construction and sales seems to be more people moving to Southwest Florida to get out of big cities that were pandemic hotspots. Historically low-interest rates and pandemic-related stimulus have also helped fuel the growth. Home has taken on new meaning amid the pandemic, with more time spent schooling, working and playing at home due to safety concerns tied to COVID-19. Also, with many people learning they can work from anywhere, they have decided to work from here. Thankfully, construction was considered essential so we didn’t have to shut down, and since our area did a great job abiding by all the CDC guidelines regulations, we’ve been able to keep construction projects moving and more importantly, keep our workforce safe and healthy. Still, the pandemic has impacted lead time for ordering materials. There was a surge due to demand in lumber prices earlier in the year, but it has since returned to near pre-pandemic prices, with better supply. Home projects and DIY projects picked up big time, which increased the demand for lumber. During the surge specifically, completion timelines were slightly impacted due to some supply chain issues, but I think our area’s builders did a great job
making adjustments elsewhere to accommodate the timeline changes, ensuring completion deadlines were met. While other industries were faced with layoffs, construction provided opportunities for new hires due to a surge in the available workforce. We saw highly qualified professionals from other industries interested in employment in the construction industry — everything from administration to office management and BY FRANK onsite crew members. JENKINS According to Career and TechniGuest Columnist cal Education in Lee County, there are more than 1,000 carpentry openings annually in Southwest Florida. Electricians make an average of $25 per hour with a certificate they can earn in high school. Construction managers make an average of $50 per hour with a bachelor’s degree. The industry continues to provide good paying jobs and quality careers to the local population. In October, Florida’s governor recognized the need to take steps to diversify its economy and strengthen its workforce by establishing a plan to invest in skillsbased education and make Florida number one in workforce education by 2030. We believe the future will continue to be bright for residential construction in 2021. To help keep the engine going, the Lee Board of County Commissioners voted to reduce building permit fees by 25% for one year beginning Dec. 1. You can glimpse our bright future at the LBIA Parade of Homes in January and February (LeeParade. com). The building industry is proud to be one of the largest and most important sectors in the U.S. economy that will continue to contribute greatly to its economic recovery. Frank Jenkins, founder of Frank R. Jenkins Custom Homes and president of Lee County Building Industry Association, has been building custom homes in Southwest Florida for more than 25 years and has been a president of Lee Building Industry Association five times. Learn more at frankjenkinscustomhomes.com.
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