Construction is booming right now but without new workers and tech its future is uncertain
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.
As construction work has increased, the construction labor market has actually been in decline over the past 40 years, as has productivity. 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.
This diminished supply of construction workers will ultimately have a significant impact on the development and renovation of buildings that house critical infrastructure like laboratories, hospitals, schools, dormitories, businesses and more. So, as the supply gap begins to impact other industries, how can the construction industry move forward in order to prevent negative effects on the overall economy?