The problem with the high demand is not just the large shortage of labor, but a skill shortage, said Anirban Basu, ABC’s chief economist in the release. The struggle to hire and retain workers is especially dire, as the workforce increasingly reaches retirement age. Few younger workers join the workforce, and when they do, they are less experienced and therefore less efficient.
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Courtesy of Associated Builders and Contractors
“With nearly one in four construction workers older than 55, retirements will continue to whittle away at the construction workforce,” said Basu in the release. “Many of these older construction workers are also the most productive, refining their skills over time. The number of construction laborers, the most entry-level occupational title, has accounted for nearly 4 out of every 10 new construction workers since 2012.”
At the same time, Basu said, the number of workers with licensed skills have grown at a much slower pace, or, in the case of jobs like carpenters, actually declined in the last decade.
Demand and funding for megaprojects such as chip manufacturing plants, clean energy facilities and infrastructure will continue to make the problem worse — though construction is seeing money pouring into projects, it means more work to find the people to build them. And it won’t get much easier.
ABC predicts that in 2024, the industry will need to hire 324,000 new workers on top of its normal pacing, and that assumes construction spending slows significantly.
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