Yesterday the Wall Street Journal published an article titled “America’s Growing Labor Shortage” – Lack of workers in ag and construction is hurting the economy.
“… According to the Bureau of Labor Statistics, there are nearly 150,000 unfilled construction jobs across the country, nearly double the number five years ago … A January survey by the Associated General Contractors of America found that 73% of firms had a hard time finding qualified workers. More firms identified worker shortages as a big concern (55%) than any other issue … Demand and salaries for subcontractors (e.g., carpentry and bricklaying) are going through the roof …” (The Wall Street Journal – OPINION)
Amongst the talk about the construction industry’s perfect storm, it has been reported that future demographics don’t point to this situation improving. In fact, you can count on it worsening. Contractors who wish to prosper in the years ahead must consider the shifts that are all pointing to the perfect storm. Therefore, they should look for opportunities to adapt vs. focusing on the obstacles.
Consequently, we predict that firms who adopt techniques to use the limited skilled trades supply more efficiently and increase productivity will best weather the storm.