Bergen County Construction Boom: Major Projects Reshaping Our Region

Bergen County is experiencing unprecedented construction growth in 2024. From Fort Lee's luxury high-rises to Hackensack's medical expansions, major projects are reshaping our region and creating significant opportunities for local contractors.

The Numbers Behind the Boom

$3.2B

Total Construction Value

Major Projects Active

22%

Year-over-Year Growth

Major Projects Transforming Bergen County

Fort Lee: The High-Rise Capital

Fort Lee continues its transformation with multiple luxury residential towers:

Active Fort Lee Projects

Modern Fort Lee: 47-story luxury tower, $300M investment
Insurance Requirements: $10M GL, $5M umbrella
Hudson Lights Phase III: Twin towers, 800 units total
Insurance Requirements: Wrap-up policy, $25M aggregate
The Pinnacle: Mixed-use development with retail
Insurance Requirements: Professional liability for design-build

Hackensack: Medical and Downtown Expansion

Hackensack is seeing major investment in healthcare and urban renewal:

Hackensack Meridian Health: $715M campus modernization
Downtown Rehabilitation Zone: Multiple mixed-use projects
Main Street Corridor: 500+ residential units in development
Transit Village: TOD near NJ Transit station

Paramus: Retail Evolution

Paramus is reimagining retail with major renovations:

Garden State Plaza: $150M renovation and expansion
Focus: Experiential retail and dining
Paramus Park: Redevelopment into mixed-use
Adding residential and office components

Opportunities for Local Contractors

High-Demand Trades

Immediate Needs

• Electricians for high-rise work
• Plumbers for luxury units
• HVAC contractors for smart buildings
• Drywall contractors for interiors

Growing Demand

• Fire protection specialists
• Smart home installers
• Green building experts
• Facade specialists

Insurance Requirements for Major Projects

These large-scale projects come with significant insurance requirements:

Project Type	Typical GL Requirement	Additional Coverage
High-Rise Residential	$5M-$10M	Umbrella, Wrap-up
Medical Facilities	$2M-$5M	Professional Liability
Retail Renovation	$1M-$2M	Business Interruption
Infrastructure	$5M+	Performance Bonds

Challenges and Solutions

Labor Shortage

With so many concurrent projects, skilled labor is at a premium:

Wages increasing 15-20% year-over-year
Subcontractors booking months in advance
Need for comprehensive workers' compensation
Importance of retaining skilled workers

Material Costs and Availability

Supply Chain Alert

Material costs remain volatile. Contractors need builder's risk coverage that accounts for price escalation and delay coverage for material shortages.

Looking Ahead: 2024-2025 Pipeline

The construction boom shows no signs of slowing:

Upcoming Major Projects

Route 17 Corridor Development: Multiple mixed-use projects
Est. value: $500M+ across multiple sites
Meadowlands Redevelopment: Former industrial to mixed-use
Est. value: $1.2B over 10 years
Transit-Oriented Development: Near NJ Transit stations
Multiple sites planned across county

How to Capitalize on the Boom

Upgrade Your Insurance: Major projects require higher limits and specialized coverage
Get Prequalified: Have financials and insurance ready for RFPs
Build Relationships: Network with GCs working on these projects
Invest in Safety: Large projects demand excellent safety records
Scale Smartly: Don't overextend; ensure proper coverage for growth

Ready for Bergen County's Construction Boom?

Ensure your insurance coverage matches the opportunities. We specialize in coverage for contractors working on major Bergen County projects.

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