The construction industry’s outlook for labor is bleak. To meet demand, contractors will need to hire an estimated 546,000 workers in 2023, and that’s in addition to the industry’s normal pace of hiring, according to a new analysis by Associated Builders and Contractors.
The problem with the high demand is that there is a large shortage of labor as well as 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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