Due to Constructors Bonding, Inc.’s unique position in the marketplace, we have noticed a trend that is benefiting the surety and construction industry. After CBI’s record year in 2023, we went back to look at some numbers related to new contractors entering the market.
First, CBI has seen a national increase in new licenses being issued. More and more people are opening construction companies. In 2024, CBI surpassed our 2023 total for new license bonds issued. When looking at Arizona, the numbers tell the same story.
According to the Arizona Registrars of Contractors, there were at least 4,864 new contractor’s licenses issued in 2022. In 2023 that number jumped to 6,152 and there were over 6,200 new licenses issued in 2024.
Some would say this is great news. Others might be concerned about the growing number of people leaving their industry to start a construction company.
Going into 2025, do you think this flood of new contractor’s licenses will continue?
At CBI we’re here for all your bond needs:
- Whether you are a new contractor
- You’ve been in business a while and now you need a bond, or
- You just want to know more about bonding
We give YOU the tools to qualify for bonds THEY require.
