Workers’ Comp Rates to Drop in 2016
For the second consecutive year, Missouri employers will see a drop in workers’ compensation rates. Governor Nixonannounced the decrease during a recent visit to the Nelson Mulligan Carpenters Training Center in Affton, saying, “Skilled workers are safe workers, and safe workers help keep costs down for everyone.” It is a well-deserved compliment to Missouri workers who have seen a significant decrease in the number of accidents and injuries on the job.
The largest workers’ comp decrease, and the one most pertinent to home builders, is a 4.9% drop that will take place in the contracting industry, which includes construction. When comparing the costs of workers’ compensation claims across the region, Missouri ranks lower than the average, and lower than Illinois, Iowa, and Oklahoma. The announcement of the decrease is good news for Missouri workers and for the home building industry, as the lower rates will promote economic growth across the state.