Construction labor woes grow...
Cat to exit the vocational truck line...
A report from the equipment Rental Show...
And a recap of World of Concrete...
That and more on Construction News Tracker brought to you by Caterpillar.
A stunning announcement from Caterpillar in the past week. The company will halt production of its on highway vocation trucks. Undergoing a major restructuring that stems from worldwide economic factors, Cat announced it will no longer accept orders for vocational trucks but will continue support for existing vehicles.
Significant, that's how the U.S. Bureau of Labor Statistics describes the shortage of construction workers. Statistically, the median age is now 42.8 years, and those under age 34 account for under one-third of the total industry workforce. Even more troubling is that millennial employees do not appear ready to replace the growing number of construction workers headed for retirement. The ongoing dilemma: how to attract the young generation to an industry poised to break out of the recent damaging recession.
There are four suggestions being offered to contractors:
- Bring back the old system of mentors and apprenticeships
- Inspire entrepreneurship
- Rebuild the image of construction and its modernization
- Offer alternative educational opportunities
Hand in hand with this is a report from the American Society of Civil Engineers. That group claims that spending on U.S. infrastructure has struck a 30-year low despite the new FAST Act providing $305 billion over a five-year plan. It's only a drop in the bucket compared with total need, and the states haven't provided much incentive by offering tax breaks instead of robust infrastructure investment.
The U.S. DOT has just provided another shot in the arm of the eighth round of TIGER grants. This one amounts to $500 million to projects selected by the agency from applications presented by the states and other agencies.
The equipment rental industry is poised for more growth this year. A key sector of construction, as rental magazine Editor Jenny Lescohier relates...
Another recent industry trade show, World of Concrete, wrapped up its 2016 show in fine shape. Representatives tell us WOC 16 saw some 55,000 attendees visit the show floor and outdoor events and take in seminars provided by over 1,600 exhibitors.
A lot of thanks to the industry folks that participated in Concrete Cares, the cancer fighting effort underway by some dedicated workers we talked with at World of Concrete, led by Mike and Donna Murray. The Murray's campaign netted over $6,700 and a 60-inch TV donation from World of Concrete attendees. Congrats.
In closing, i may be that your sole purpose in life is simply to serve as a warning to others.
This is Construction News Tracker looking over the industry that makes the world a better place, presented by Caterpillar and produced by ForConstructionPros.com.