Building Momentum: Are Construction Jobs on the Rise?
Download MP3 Key Points:
- Demand for Skilled Workers: Construction firms are adding an average of 166,000 jobs each month, a 50% increase compared to pre-pandemic numbers.
- Unfilled Jobs: Currently, there are 500,000 unfilled construction jobs due to a shortage of qualified workers.
- Retiring Workforce: The shortage is primarily caused by retiring workers who are not being replaced, especially in skilled trades like framing, plumbing, electrical, insulation, and roofing.
- Training and Experience: Many construction jobs require specific skills and experience, making it challenging to fill roles quickly.
- Housing Market Impact: While the housing market is slow, builders are working to increase inventory, but the shortage of labor affects production.
- Resale Market Challenges: People are hesitant to sell their homes due to low mortgage rates, contributing to the shortage of available housing.
- Employee Retention Issues: Construction companies face challenges retaining good employees, as competitors often offer higher wages, making it difficult to maintain workflow and plan for projects.
- Call to Action: If you're in construction, whether as a contractor, builder, or in the trades, share your experience with how the worker shortage is impacting your business or income.
