The U.S. construction market is booming with no signs of slowing down. According to the USG Corp. and the U.S. Chamber of Commerce Commercial Construction Index, 93 percent of contractors expect to see equal or greater profit margins in the next year. The question is how much of those profits will the construction industry invest back into the workforce.
The construction labor market has been in decline for 40 years. While the majority of contractors say they will hire new employees in the coming months, almost all are having a difficult time hiring skilled workers. And this isn’t expected to subside. About half of those surveyed reported that their ability to hire skilled workers will likely worsen.
Contractors can strategically combat the labor shortage and set the industry up for success by promoting craft training, advancing jobs in science, technology, engineering and mathematics, and identifying ways to incorporate new technologies for growth and innovation.
Guest writer Anthony Consigli, CEO of Consigli Construction Co. (No. 3 on ENR’s Top Contractors list), told readers of Entrepreneur.com some ways contractors can help secure construction’s labor future. Check out his advice here.