Construction Labor Shortage

The construction sector added 19,000 jobs in February and the number of unemployed workers fell to the industry’s lowest rate since tracking began in 2000, the Bureau of Labor Statistics reported Friday. Construction employment is 4.0% higher than the last recorded highest number in December 2008.

“It appears that many nonresidential construction firms have run out of people to hire to keep pace with demand for new projects.” AGC Chief Economist Ken Simonson.  The labor shortage has been a topic among many industry experts as older generations did not enter back into the workforce after the financial crisis of 2008 and are today retiring at a faster rate than the younger generation entering the workforce.

 

Watchdog Construction

 

With all signs pointing to a positive picture for the construction industry, finding skilled labor ( Construction Unemployment at 17 Year Low & Construction Industry Remains Optimistic ) is still a major issue that could stop growth. Source 

Stephen Fean
Stephen Fean is the Vice President of Business Development at Watchdog Real Estate Project Managers, a real-estate consulting firm that provides owner’s representation and project management services. More about Watchdog Real Estate Project Managers as well as additional blog posts can be found here.
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