It’s no secret there’s a labor shortage in construction, and a new report indicates that the average age of workers in the industry continues to rise.
The average age of construction workers increased 1.2% from 41.6 to 42.1 from 2011 to 2023, according to CPWR’s recently released “Aging and Retirement Trends in the Construction Industry” report.
As the average age in construction has risen, so has the number of workers 55 and older. The only years it didn’t rise were in 2020, which was likely due to Covid-19 leading to illness or early retirement, and in 2023, as more baby boomers hit retirement age, the report said.
CPWR
CPWR
It appears though that the construction industry’s average age is not rising quite as fast as other industries, as had been the case in the past. According to the report, construction had a lower average age in 2023 than all industries for the first time since 2012. Before that, it had the highest average age.
CPWR
CPWR
The CPWR report suggests retirement plans are an important benefit to retaining workers, as well as attracting new ones. In 2023, according to the report, only 26.4% of wage-and-salary construction workers were participating in pension or retirement plans. That compares to 34.3% of workers overall.
CPWR
CPWR
The report concludes that aging trends in construction need to be tracked, especially as more than 4.1 million Americans will turn 65 between 2024 and 2027.
“As the proportion of construction workers 55 years or older continues to increase, it is important to monitor aging worker trends, which can guide interventions to keep them safe and identify upcoming construction employment gaps,” the report says.
The report also says addressing the gap in retirement benefits for construction workers “could be an important way to attract and retain workers in the industry.” To read the full report, click here.
