It’s no secret the construction industry has a labor shortage. And the big question is, what can be done to fix it?
In this episode of The Dirt, host Bryan Furnace makes an impassioned plea for contractors to get involved in helping to solve the problem. He also offers a potential solution that could pay off for contractors willing to take the initiative.
For those waiting for someone else to fix the problem, they’re going to be out of luck. It’s an industry-wide challenge that everyone in the industry will need to be involved in to help fix.
Furnace’s call to action is a timely one.
The nation’s unemployment rate has fallen to 3.5%, the lowest it’s been since the 1960s. That means most industries are hunting for workers, putting even more pressure on construction’s labor shortage.
The industry added 32,000 jobs in July. Of those, 18,300 were hired for nonresidential construction, and 14,100 were hired for residential jobs. But that’s still a far cry from the 330,000 positions left to fill, which is the second-highest worker deficit in 22 years.
All of that means it will be even more difficult for contractors to grow as they also face inflation and rising interest rates.
