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SFAA Addresses New Jersey LSA (3/24/2011)

Thursday, March 24, 2011  

Lenore Marema, SFAA's vice president of government affairs, addressed the Surety Underwriters of New Jersey at their quarterly lunch meeting on March 24. She provided an update on the status of the surety industry by discussing the state of the public owners and the construction industry. The state and federal public owners likely will spend fewer dollars in the foreseeable future on public construction projects, and unemployment in the construction industry remains at double the national rate. While SFAA's statistics show the surety industry coming off a very good year in 2010, she told the group that it should not rush to the conclusion that sureties have dodged the bullet in the economic downturn. The construction industry lags 18 months behind the economy in recovery, and the surety industry lags 12 to 18 months behind the construction industry. There is an uptick in losses, contractor backlogs are diminishing and contractors are now doing jobs awarded in 2009-2010 with lower margins. We still are far from a hot economy.

Marema reminded the group that SFAA is willing to write letters, make contacts, and otherwise assist its members locally in addressing issues that affect surety and fidelity bonds.

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